A Bitcoin (BTC) Move back Through $48,500 Would Bring the Elusive $50,000 into Play
This is the tech analysis for Bitcoin (BTC). We will be looking at movements from the day prior and today’s support, resistance, pivot levels, and Fibonacci’s. Additionally, we will look at the broader market moves on the day prior and any key market drivers.
Bitcoin’s Day Prior Moves
Bitcoin, BTC to USD, fell by 2.53% on Thursday. Reversing a 1.05% gain from Wednesday, Bitcoin ended the day at $47,665.
After a mixed start to the day, Bitcoin rose to a late morning intraday high $49,480 before hitting reverse. Falling short of the first major resistance level at $50,081, Bitcoin slid to a late intraday low $47,543.
Steering clear of the first major support level at $47,161, however, Bitcoin revisited $48,000 levels before easing back.
The near-term bullish trend remained intact, in spite of the recent pullback to $41,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed session.
Crypto.com Coin rallied by 8.95% to buck the trend on the day.
It was a bearish day for the rest of the majors, however.
Cardano’s ADA slid by 5.49% to lead the way down, with Bitcoin Cash SV (-3.80%), Chainlink (-4.80%), and Litecoin (-3.14%) also struggling.
Binance Coin (-2.81%), Ethereum (-1.59%), Polkadot (-1.71%), and Ripple’s XRP (-2.62%) saw relatively modest losses, however.
In the current week, the crypto total market fell to a Monday low $2,049bn before rising to a Thursday high $2,304bn. At the time of writing, the total market cap stood at $2,204bn.
Bitcoin’s dominance rose to a Wednesday high 42.27% before falling to a Thursday low 40.58%. At the time of writing, Bitcoin’s dominance stood at 41.01%.
At the time of writing, Bitcoin was up by 0.37% to $47,841. A mixed start to the day saw Bitcoin fall to an early morning low $47,440 before rising to a high $47,920.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin and Polkadot were down by 3.66% and by 0.24% respectively to buck the early trend.
It was a bullish start for the rest of the majors, however.
At the time of writing, Cardano’s ADA was up by 0.56% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $48,229 pivot to bring the first major resistance level at $48,916 into play. Support from the broader market would be needed, however, for Bitcoin to break out from $48,500 levels.
Barring an extended crypto rally, the first major resistance level and Thursday’s high $49,480 would likely cap the upside. In the event of an extended rally, Bitcoin could test resistance at $52,000 levels before any pullback. The second major resistance level sits at $50,166.
Failure to move through the $48,229 pivot would bring the first major support level at $46,979 into play. Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$46,000 levels. The second major support level at $46,292 should limit the downside.