FXEMPIRE
All
Ad
Advertisement
Advertisement
Bob Mason
Add to Bookmarks
Depositphotos_192431198_s-2019 (1)

Bitcoin, BTC to USD, rose by 0.42% on Saturday. Partially reversing a 1.46% fall from Friday, Bitcoin ended the day at $31,560.0.

Advertisement
Know where Bitcoin is headed? Take advantage now with 

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $31,210.0 before making a move.

Steering clear of the first major support level at $30,891, however, Bitcoin rallied to a late morning intraday high $32,000.0.

Falling short of the first major resistance level at $32,118, Bitcoin fell back to $31,300 levels and into the red.

Finding support through the 2nd half of the day, however, Bitcoin revisited $31,900 levels before easing back.

The near-term bullish trend remained intact, in spite of the latest return to $31,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

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

Crypto.com Coin and Polkadot rose by 1.89% and by 1.73% respectively to lead the way.

Chainlink (+0.59%), Cardano’s ADA (+0.10%), and Ethereum (+1.20%) also joined Bitcoin in positive territory.

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

Bitcoin Cash SV slid by 4.28% to lead the way down.

Binance Coin (-0.83%), Litecoin (-0.57%), and Ripple’s XRP (-1.59%) also saw red.

In the current week, the crypto total market rose to a Monday high $1,419bn before falling to a Friday low $1,248bn. At the time of writing, the total market cap stood at $1,282bn.

Bitcoin’s dominance fell to a Thursday low 45.47% before rising to a Saturday high 46.86%. At the time of writing, Bitcoin’s dominance stood at 46.27%.

Advertisement

This Morning

At the time of writing, Bitcoin was up by 0.26% to $31,641.0. A mixed start to the day saw Bitcoin fall to an early morning low $31,514.0 before rising to a high $31,649.0.

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 0.97% to buck the trend at the start of the day.

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

At the time of writing, Chainlink was up by 0.87% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $31,590 pivot to bring the first major resistance level at $31,970 into play.

Support from the broader market would be needed for Bitcoin to break back through to $31,900 levels.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $32,000.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $33,000 before any pullback. The second major resistance level sits at $32,380.

A fall back through the $31,590 pivot would bring the first major support level at $31,180 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$30,000 levels. The second major support level at $30,800 should limit the downside.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker