Bitcoin (BTC) Bulls Target $53,000 Levels as Risk Appetite Returns
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, rose by 1.05% on Wednesday. Following a 3.51% rally on Tuesday, Bitcoin ended the day at $48,901.
After a mixed morning, Bitcoin fell to an early afternoon intraday low $46,600 before making a move. Steering clear of the first major support level at $46,942, Bitcoin rallied to a late intraday high $49,520.
Bitcoin broke through the first major resistance level at $49,270 before easing back to end the day at $48,900 levels.
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 fell by 3.20% to buck the trend on the day.
It was a bullish day for the rest of the majors, however.
Chainlink rallied by 6.71% to lead the way, with Cardano’s ADA (+3.59%) and Ethereum (+4.17%) finding strong support.
Binance Coin (+2.42%), Bitcoin Cash SV (+0.90%), Litecoin (+2.13%), Polkadot (+2.75%), and Ripple’s XRP (+2.14%) trailed the front runners, however.
In the current week, the crypto total market rose to a Monday high $2,297bn before falling to a Monday low $2,049bn. At the time of writing, the total market cap stood at $2,250bn.
Bitcoin’s dominance rose to a Wednesday high 42.27% before falling to a Wednesday low 40.88%. At the time of writing, Bitcoin’s dominance stood at 41.18%.
At the time of writing, Bitcoin was up by 0.14% to $48,968. A mixed start to the day saw Bitcoin fall to an early morning low $48,786 before rising to a high $48,985.
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 7.84% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $48,340 pivot to bring the first major resistance level at $50,081 into play. Support from the broader market would be needed, however, for Bitcoin to break out from Wednesday’s high $49,520.
Barring an extended crypto rally, the first major resistance level would likely cap the upside. In the event of an extended rally, Bitcoin could test resistance at the 23.6% FIB of $53,628 before any pullback. The second major resistance level sits at $51,260.
A fall through the $48,340 pivot would bring the first major support level at $47,161 into play. Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$46,000 levels. The second major support level sits at $45,420.Source