It's been a bullish start to the day for Bitcoin and the broader market. A Bitcoin move back through to $46,000 levels would deliver further support.
Bitcoin, BTC to USD, fell by 2.43% on Thursday. Following a 0.18% decline on Wednesday, Bitcoin ended the day at $44,424.0.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $46,186.0 before hitting reverse.
Falling short of the first major resistance level at $46,392, Bitcoin slid to a late afternoon intraday low $43,786.0.
The sell-off saw Bitcoin fall through the first major support level at $45,006 and the second major support level at $44,480.
Steering clear of the third major support level at $43,094, Bitcoin revisited $44,500 levels before easing back.
The second major support level at $44,480 pegged Bitcoin back late in the day.
The near-term bullish trend remained intact, supported by the latest return to $46,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.
Across the rest of the majors, it was a mixed day on Thursday.
Cardano’s ADA bucked the trend on the day, rising by 2.10%.
It was a bearish day for the rest of the majors, however.
Crypto.com Coin slid by 7.21% to lead the way down.
Chainlink (-3.85%), Ethereum (-3.64%), Litecoin (-3.05%), and Ripple’s XRP (-4.55%) also struggled.
Binance Coin (-1.38%), Bitcoin Cash SV (-2.50%), and Polkadot (-0.25%) saw relatively modest losses, however.
In the current week, the crypto total market fell to a Monday low $1,696bn before rising to a Wednesday high $1,932bn. At the time of writing, the total market cap stood at $1,842bn.
Bitcoin’s dominance rose to a Monday high 47.44% before falling to a Thursday low 45.03%. At the time of writing, Bitcoin’s dominance stood at 45.41%.
At the time of writing, Bitcoin was up by 0.18% to $44,505.0. A mixed start to the day saw Bitcoin rise to an early morning high $44,692.0 before falling to a low $44,266.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bullish start to the day.
At the time of writing, Cardano’s ADA was up by 2.04% to lead the way.
Bitcoin would need to move through the $44,799 pivot to bring the first major resistance level at $45,811 into play.
Support from the broader market would be needed for Bitcoin to break out from $45,500 levels.
Barring a broad-based crypto rally, the first major resistance level and Thursday’s high $46,186.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $48,000 before any pullback. The second major resistance level sits at $47,199.
Failure to move through the $44,799 pivot would bring the first major support level at $43,411 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$43,000 levels. The second major support level sits at $42,399.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.