It's a bullish start to the day for Bitcoin and the broader market. A Bitcoin move through to $47,000 levels would support a breakout day for the majors.
Bitcoin, BTC to USD, fell by 1.95% on Sunday. Following a 0.07% decline on Saturday, Bitcoin ended the week down by 21.04% to $45,300.0.
A bullish start to the day saw Bitcoin rise to an early morning intraday high $46,703.0 before hitting reverse. In spite of the bearish week, Bitcoin ended February up by 36.78%.
Falling short of the first major resistance level at $48,063, Bitcoin slid to a late afternoon intraday low $43,171.0.
Bitcoin fell through the first major support level at $44,756 and the second major support level at $43,275.
The sell-off also saw Bitcoin fall through the 23.6% FIB of $45,501.
Steering clear of sub-$40,000 support levels, however, Bitcoin revisited $46,000 levels before easing back.
Bitcoin broke back through the major support levels and the 23.6% FIB of $45,501 before ending the day at $45,300 levels.
The near-term bullish trend remained intact in spite of the week’s reversal. For the bears, Bitcoin would need to slide through the 62% FIB of $24,751 to form a near-term bearish trend.
Across the rest of the majors, it was a mixed day on Sunday.
Cardano’s ADA (+0.15%) and Polkadot (+3.25%) also bucked the trend on the day.
It was a bearish day for the rest of the majors, however.
Crypto.com Coin tumbled by 13.89% to lead the way down, with Bitcoin Cash SV sliding by 8.95%.
Binance Coin (-6.49%), Chainlink (-5.56%), Ethereum (-2.63%), Litecoin (-3.63%), and Ripple’s XRP (-4.45%) also struggled, however.
For the week, it was a mixed week for the cryptos.
Cardano’s ADA rallied by 19.53% to lead the way, with Polkadot rising by 8.45% to also buck the trend.
It was a particularly bearish week for the rest of the majors, however.
Binance Coin (-28.66%), Bitcoin Cash SV (-29.10%), Chainlink (-27.56%), Ethereum (-26.54%), Litecoin (-27.18%), and Ripple’s XRP (-23.57%) led the way down.
Crypto.com Coin (-7.44%) saw a relatively modest loss in the week, however.
In spite of the downward trend for the week, it was a mixed month for the majors.
Bitcoin Cash (-4.12%) and Ripple’s XRP (-15.97%) bucked the trend with losses for February.
It was a bullish month for the rest of the majors, however.
Binance Coin surged by 374.51% to lead the way, with Cardano’s ADA (+281.46%) and Crypto.com Coin (+108.38%) also impressing.
Chainlink (+9.53%), Ethereum (+8.22%), Litecoin (+27.86%), and Polkadot (+53.66%) trailed the front runners.
In the week, the crypto total market cap rose to a Monday high $1,748.98bn before sliding to a Sunday low $1,277.34bn. At the time of writing, the total market cap stood at $1,399.38bn.
Bitcoin’s dominance rose to a Tuesday high 64.74% before falling to a Saturday low 60.94%. At the time of writing, Bitcoin’s dominance stood at 62.05%.
At the time of writing, Bitcoin was up by 2.73% to $46,537.6. A mixed start to the day saw Bitcoin fall to an early morning low $45,100.0 before rising to a high $46,552.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Cardano’s ADA and Polkadot were down by 1.24% and by 0.95% respectively to buck the trend early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was up by 8.95% to lead the way.
Bitcoin would need to avoid a fall through the 23.6% FIB of $45,501 and the pivot level at $45,058 to bring the first major resistance level at $46,945 into play.
Support from the broader market would be needed for Bitcoin to break out from Sunday’s high $46,703.0.
Barring an extended crypto rally, the first major resistance level and resistance at $47,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $49,000 before any pullback. The second major resistance level sits at $48,590.
Failure to avoid a fall through the 23.6% FIB of $45,501 and the $45,058 pivot would bring the first major support level at $43,413 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$42,000 levels. The second major support level sits at $41,526.
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.