Bitcoin (BTC) Faces Lows Below $ 45,000 As Losses Rise

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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 against USD, fell 3.10% on Friday. After losing 2.53% on Thursday, Bitcoin ended the day at $ 46,180.7.

A mixed start to the day saw Bitcoin hit an early morning intraday high of $ 48,038 before reversing. Below the first major resistance level at $ 48,916, Bitcoin slipped to an intraday low of $ 45,539 in the early afternoon.

Bitcoin broke through the first major support level at $ 46,979 and the second major support level at $ 46,292. However, by avoiding levels below $ 45,000, Bitcoin revisited the $ 47,600 levels before falling back into deep red. The pullback saw Bitcoin fall back through the first major support level and the second major support level to end the day at levels below $ 46,200.

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

The rest of the pack

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

Bitcoin Cash SV rose 2.23% to reverse the trend for the day.

It was, however, a bearish day for the rest of the majors.

Crypto.com Coin slipped 6.35% to lead the way on the downside.

Chainlink (-2.49%), ADA of Cardano (-1.69%), Ethereum (-2.05%), Litecoin (-3.18%) and Polkadot (-2.25%) also experienced difficulties.

Binance Coin (-0.04%) and Ripple’s XRP (-0.91%), however, posted relatively modest losses.

During the current week, the total crypto market has fallen to a low of $ 2,054 billion on Monday before hitting a high of $ 2,303 billion on Thursday. At the time of writing, the total market cap is $ 2.131 billion.

Bitcoin’s dominance peaked at 42.24% on Tuesday before falling to 40.60% Thursday and Friday. At the time of writing this article, Bitcoin’s dominance stands at 40.74%.

The story continues

This morning

At the time of this writing, Bitcoin was down 0.53% to $ 45,934. A mixed start to the day saw Bitcoin hit an early morning high of $ 46,278 before falling to a low of $ 45,806.

Bitcoin left major support and resistance levels untested early on.

Elsewhere, it was a bearish start to the day.

At the time of writing, Crypto.com Coin was down 1.76% to lead the way.

For Bitcoin Day Ahead

Bitcoin is expected to break through the pivot of $ 46,586 to bring into play the first major resistance level at $ 47,633. However, broad market support would be needed for Bitcoin to break out of the $ 47,500 levels.

Barring a prolonged crypto rally, the first major resistance level and Friday’s $ 48,038 high would likely cap the upside. In the event of a prolonged rally, Bitcoin could test resistance at $ 50,000 levels before any pullbacks. The second major resistance level is located at $ 49,085.

Failure to break through the pivot of $ 46,586 would bring into play the first major support level at $ 45,134. Unless another extended sell off that day, Bitcoin is expected to avoid levels below $ 44,000. FIB at 38.2% at $ 44,144 and second major support level at $ 44,087 should limit the decline.

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

This article originally appeared on FX Empire

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