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Bob Mason
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Coins of crypto currency are presented on a dark background. Virtual money concept.

Bitcoin, BTC to USD, rose by 2.98% on Sunday. Reversing a 0.40% decline Saturday, Bitcoin ended the week up by 25.08% to $48,584.0.

A mixed start to the day saw Bitcoin slip to an early morning intraday low $47,030.0 before making a move.

Steering clear of the first major support level at $46,218, Bitcoin rallied to a mid-day intraday high and a new swing hi $49,659.0.

Bitcoin broke through the first major resistance level at $48,172 and the second major resistance level at $49,168.

A bearish end to the day, however, saw Bitcoin fall back through the second major resistance level to end the day at sub-$49,000.

The near-term bullish trend remained intact, supported by the Sunday’s new swing hi $49,659.0. For the bears, Bitcoin would need to slide through the 62% FIB of $21,442 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Sunday.

Binance Coin (+1.96%), Bitcoin Cash SV (+2.94%), and Crypto.com Coin (+0.33%) bucked the trend to join Bitcoin in the green.

It was a bearish day for the rest of the majors, however.

Cardano’s ADA (-7.61%), Polkadot (-X%), and Ripple’s XRP (-6.74%) led the way down.

Chainlink (-3.07%), and Litecoin (-5.54%) also struggled.

Ethereum saw relatively modest 0.77% loss, however.

For the week, it was a bullish week for the crypto majors, however.

Binance Coin surged by 98.52% to lead the way.

Bitcoin Cash SV (+43.58%), Cardano’s ADA (+27.43%), Chainlink (+34.02%), Crypto.com Coin (+40.20%), Litecoin (+41.05%), Ripple’s XRP (+41.34%) also found strong support.

Ethereum (+11.65%) and Polkadot (+8.63%) trailed the front runners, however.

In the week, the crypto total market cap fell to a Monday low $1,145.36bn before surging to a Sunday high $1,539.20bn. At the time of writing, the total market cap stood at $1,453.99bn.

Bitcoin’s dominance jumped to a Tuesday high 64.76% before sliding to a Saturday low 59.67%. At the time of writing, Bitcoin’s dominance stood at 60.42%.

 

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This Morning

At the time of writing, Bitcoin was up by 0.23% to $47,694.0. A bullish start to the day saw Bitcoin rise from an early morning low $48,592.0 to a high $48,727.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day. Crypto.com Coin was down by 1.27% early on to buck the trend.

It was a bullish start for the rest of the majors, however.

At the time of writing, Bitcoin Cash SV was up by 2.94% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $48,424 to bring the first major resistance level at $49,819 into play.

Support from the broader market would be needed for Bitcoin to break out from Sunday’s swing hi $49,659.0.

Barring an extended crypto rally, the first major resistance level and resistance at $50,000 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 $51,053.

Failure to avoid a fall through the $48,424 pivot would bring the first major support level at $47,190 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$47,000 levels. The second major support level sits at $45,795.

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