Bitcoin (BTC) Faces sub-$45,000 Levels as Losses Mount
This is the tech analysis for Bitcoin (BTC). We will be looking at movements from the day prior and today’s support, resistance, pivot levels, and Fibonacci’s. Additionally, we will look at the broader market moves on the day prior and any key market drivers.
Bitcoin’s Day Prior Moves
Bitcoin, BTC to USD, fell by 3.10% on Friday. Following a 2.53% loss on Thursday, Bitcoin ended the day at $46,180.7.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $48,038 before hitting reverse. Falling short of the first major resistance level at $48,916, Bitcoin slid to an early afternoon intraday low $45,539.
Bitcoin fell through the first major support level at $46,979 and the second major support level at $46,292. Steering clear of sub-$45,000 levels, however, Bitcoin revisited $47,600 levels before falling back into the deep red. The pullback saw Bitcoin fall back through the first major support level and the second major support level to end the day at sub-$46,200 levels.
The near-term bullish trend remained intact, in spite of the recent pullback to $41,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed session.
Bitcoin Cash SV rose by 2.23% to buck the trend on the day.
It was a bearish day for the rest of the majors, however.
Crypto.com Coin slid by 6.35% to lead the way down.
In the current week, the crypto total market fell to a Monday low $2,054bn before rising to a Thursday high $2,303bn. At the time of writing, the total market cap stood at $2,131bn.
Bitcoin’s dominance rose to a Tuesday high 42.24% before falling to a Thursday and Friday low 40.60%. At the time of writing, Bitcoin’s dominance stood at 40.74%.
At the time of writing, Bitcoin was down by 0.53% to $45,934. A mixed start to the day saw Bitcoin rise to an early morning high $46,278 before falling to a low $45,806.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bearish start to the day.
At the time of writing, Crypto.com Coin was down by 1.76% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $46,586 pivot to bring the first major resistance level at $47,633 into play. Support from the broader market would be needed, however, for Bitcoin to break out from $47,500 levels.
Barring an extended crypto rally, the first major resistance level and Friday’s high $48,038 would likely cap the upside. In the event of an extended rally, Bitcoin could test resistance at $50,000 levels before any pullback. The second major resistance level sits at $49,085.
Failure to move through the $46,586 pivot would bring the first major support level at $45,134 into play. Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$44,000 levels. The 38.2% FIB of $44,144 and the the second major support level at $44,087 should limit the downside.