Bitcoin (BTC) – A return to $ 50,000 would support a run to $ 53,000

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This is the technical analysis for Bitcoin (BTC). We’ll look at yesterday’s moves and today’s support, resistance, pivot levels and Fibonacci levels. Additionally, we’ll take a look at the broader market movements the day before and all of the major market drivers.

Previous Bitcoin Movements

Bitcoin, BTC to USD, rose 4.73% on Saturday. Reversing a loss of 0.82% from Friday, Bitcoin ended the day at $ 49,426.

A mixed start to the day saw Bitcoin fall to an early morning intraday low of $ 46,872 before moving. Away from the first major support level at $ 46,102, Bitcoin hit an intraday high of $ 49,522.

Bitcoin broke through the first major resistance level at $ 49,263 to end the day at $ 49,400.

The short-term uptrend remained intact, despite the latest pullback to $ 41,000. For bears, Bitcoin would need a sustained decline through the 62% FIB of $ 28,814 to form a short-term downtrend.

The rest of the pack

In the rest of the majors, it was a bullish session.

Cardano’s ADA jumped 11.73% to lead the way. Chainlink (+ 7.44%) and Litecoin (+ 6.44%) also found strong support.

Binance Coin (+ 2.04%), Bitcoin Cash SV (+ 4.53%), Crypto.com Coin (+ 0.91%), Ethereum (+ 4.79%), Polkadot (+ 0.27%) , and Ripple’s XRP (+ 4.84%) lag behind the leading runners, however.

During the current week, the total crypto market peaked at $ 2.4 trillion on Tuesday before falling to a low on Saturday of $ 2.116 trillion. At the time of this writing, the total market cap was $ 2,261.

Bitcoin’s dominance peaked at 41.90% on Monday before falling to a low of 39.90% on Thursday. At the time of writing this article, Bitcoin’s dominance stands at 41.49%.

This morning

At the time of this writing, Bitcoin was up 0.51% to $ 49,676. A mixed start to the day saw Bitcoin drop to $ 49,372 early in the morning before climbing to $ 49,721.

Bitcoin left major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Chainlink (-0.14%) and Polkadot (-0.23%) held up to the initial trend.

The story continues

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

As of this writing, Cardano’s ADA was up 1.85% to lead the way.

For Bitcoin Day Ahead

Bitcoin should avoid the $ 48,607 pivot to bring into play the first major resistance level at $ 50,341. However, broad market support would be needed for Bitcoin to return to levels of $ 50,000.

Barring a prolonged crypto rally, the first major resistance level would likely cap the upside. In the event of a prolonged rally, Bitcoin could test the FIB 23.6% $ 53,628 before any pullback. The second major resistance level is located at $ 51,257.

A fall through the pivot of $ 48,607 would bring into play the first major support level at $ 47,691. Unless there is an extended sell-off on that day, Bitcoin is expected to avoid levels below $ 45,000 and 38.2% FIB of $ 44,144. The second major support level at $ 45,957 should limit the decline.

Daily technical analysis of Bitcoin, Ethereum, Litecoin and Ripple’s XRP

This article originally appeared on FX Empire

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