Breaking resistance at $ 48,500 remains key for Bitcoin (BTC) bulls

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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. Please see the end of the article for a full video technical analysis, including an overview of the EMAs.

Previous Bitcoin Movements

Bitcoin, from BTC to USD, fell 0.35% on Sunday. Partially reversing a 1.54% gain from Saturday, Bitcoin ended the week down 6.81% to $ 46,704.

A bearish start to the day saw Bitcoin fall to an early morning intraday low of $ 46,458. Avoiding the first major support level at $ 45,770, Bitcoin hit an intraday high of $ 48,364 early in the afternoon. Bitcoin broke through the first major resistance level at $ 47,730 before falling back to levels below $ 47,000 and into the red.

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 mixed session.

Litecoin rose 3.07% to lead the way, with Cardano’s ADA (+ 0.08%) and Ripple’s XRP (+ 0.72%) also reversing the trend for the day.

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

Chainlink slipped 3.52% to lead the way, with Bitcoin Cash SV (-2.85%), Crypto.com Coin (-1.75%) and Polkadot (-2.44%) also struggling.

Binance Coin (-0.82%) and Ethereum (-0.91%), however, posted relatively modest losses.

During the week, the total crypto market fell 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 $ 2.179 billion.

Bitcoin’s dominance peaked at 42.25% on Tuesday before falling to a low of 40.21% on Saturday. At the time of writing this article, Bitcoin’s dominance stands at 40.39%.

This morning

At the time of writing, Bitcoin was down 0.22% to $ 46,599. A mixed start to the day saw Bitcoin hit an early morning high of $ 46,791 before falling to a low of $ 46,245.

The story continues

Bitcoin left major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV rose 0.22% to avoid red early on.

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

At the time of writing this article, Crypto.com Coin was down 1.99% to lead the way on the downside.

For Bitcoin Day Ahead

Bitcoin is expected to break through the pivot of $ 47,175 to bring into play the first major resistance level at $ 47,893. 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 resistance at $ 48,500 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 $ 49,081. However, Bitcoin would need a lot of support to break out of Sunday’s high levels of $ 48,364 and $ 48,500.

Failure to break through the $ 47,175 pivot would bring into play the first major support level at $ 45,987. Unless there is an extended sell-off on that day, however, Bitcoin is expected to avoid levels below $ 45,000. The second major support level at $ 45,269 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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