Bitcoin, BTC to USD, fell by 1.17% on Friday. Following on from a 3.80% loss on Thursday, Bitcoin ended the day at $51,138.0.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $52,131.0 before hitting reverse.
Falling short of the first major resistance level at $54,632, Bitcoin tumbled to a late morning intraday low $47,560.0.
Bitcoin fell through the first major support level at $49,710 and the second major support level at $47,678.
More significantly, Bitcoin also fell through the 23.6% FIB of $50,473 before finding support.
Through the rest of the day, Bitcoin broke back through the major support levels and the 23.6% FIB to end the day at $51,100 levels.
The near-term bullish trend remained intact in spite of the latest reversal. For the bears, Bitcoin would need to slide through the 62% FIB of $27,237 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was another mixed day on Friday.
Binance Coin (+4.42%), Cardano’s ADA (+1.35%), Chainlink (+0.06%), and Ripple’s XRP (+1.29%) bucked the trend on the day.
It was a bearish day for the rest of the majors, however.
Crypto.com Coin tumbled by 12.19% to lead the way down.
Bitcoin Cash SV (-6.75%) and Litecoin (-4.38%) also saw heavy losses
Ethereum (-1.22%) and Polkadot (-0.92%) saw relatively modest losses on the day.
In the current week, the crypto total market rose to a Monday high $2,100bn before sliding to a Friday low $1,643bn. At the time of writing, the total market cap stood at $1,839.
Bitcoin’s dominance rose to a Tuesday high 54.32% before falling to a Thursday low 50.03%. At the time of writing, Bitcoin’s dominance stood at 51.51%.
This Morning
At the time of writing, Bitcoin was down by 0.85% to $50,705.0. A mixed start to the day saw Bitcoin rise to an early morning high $51,201.0 before falling to a low $50,486.2.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin bucked the trend early on, rising by 2.16%.
It was a bearish start for the rest of the majors, however.
At the time of writing, Ripple’s XRP was down by 2.01% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the 23.6% FIB of $50,473 and the $50,276 pivot to bring the first major resistance level at $52,993 into play.
Support from the broader market would be needed for Bitcoin to break back through to $52,000 levels.
Barring an extended crypto rally, the first major resistance level and Friday’s high $52,131 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $54,487.
Failure to avoid a fall through the 23.6% FIB and the $50,276 pivot would bring the first major support level at $48,422 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$47,000 levels. The second major support level sits at $45,705.
