It's a bullish start to the day for the Bitcoin and the broader market. A Bitcoin move through to $57,000 levels would signal another breakout...
Bitcoin, BTC to USD, rallied by 7.08% on Friday. Reversing a 1.86% loss from Thursday, Bitcoin ended the day at $54,993.0.
A mixed start to the day saw Bitcoin fall to an early morning low $51,300.0 before making a move.
Steering clear of the first major support level at $50,100, Bitcoin rallied to a late intraday high $55,000.0.
Bitcoin broke through the first major resistance level at $52,866 and the second major resistance level at $54,374.0.
In spite of a late pullback, Bitcoin avoided a fall through the second major resistance level, wrapping up the day at $54,900 levels.
The near-term bullish trend remained intact in spite of the recent pullback. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 to form a near-term bearish trend.
Across the rest of the majors, it was a bullish day on Friday.
Cardano’s ADA and Ripple’s XRP rallied by 10.78% and by 10.37% to lead the way.
Binance Coin (+9.07%) Chainlink (+7.20%), Ethereum (+7.13%), and Litecoin (+7.10%) also found strong support.
Bitcoin Cash SV (+3.47%), Crypto.com Coin (+3.91%), and Polkadot (+3.64%) trailed the front runners, however.
In the current week, the crypto total market rose to a Monday high $1,802bn before sliding to a Thursday low $1,517bn. At the time of writing, the total market cap stood at $1,700bn.
Bitcoin’s dominance rose to a Wednesday high 62.24% before falling to a Friday low 60.17%. At the time of writing, Bitcoin’s dominance stood at 60.87%.
At the time of writing, Bitcoin was up by 0.65% to $55,348.0. A mixed start to the day saw Bitcoin fall to an early morning low $54,965.0 before striking a high $55,500.0.
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, Crypto.com Coin was up by 2.63% to lead the way.
Bitcoin would need to avoid a fall through the pivot level at $53,764 to bring the first major resistance level at $56,229 into play.
Support from the broader market would be needed for Bitcoin to break out from this morning’s high $55,500.0.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $60,000 before any pullback. The second major resistance level sits at $57,464.
Failure to avoid a fall through the $53,764 pivot would bring the first major support level at $52,529 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$50,000 levels. The second major support level at $50,064 should limit the downside.
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.