Bitcoin – A Return to $52,000 Levels would Bring $53,500 into Play and Deliver Crypto Market Support
By Bob Mason
This is the tech analysis for Bitcoin. 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 0.27% on Wednesday. Reversing a 0.26% gain from Tuesday, Bitcoin ended the day at $50,503.
Steering clear of sub-$48,500 levels, however, Bitcoin rose to a mid-afternoon intraday high $51,275. Falling short of the first major resistance level at $51,704, Bitcoin fell back to end the day at $50,500 levels.
The near-term bullish trend remained intact, in spite of the latest 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 day on Tuesday.
Bitcoin Cash SV slid by 7.58% to lead the way down, with Crypto.com Coin (-4.17%) and Polkadot (-1.94%) also seeing red.
It was a bullish day for the rest of the majors, however.
Chainlink rallied by 8.62% to lead the way, with Binance Coin (+4.96%) and Ripple’s XRP (+5.63%) also finding strong support.
Cardano’s ADA (+1.23%), Ethereum (+3.02%), and Litecoin (+1.93%) trailed the front runners, however.
In the current week, the crypto total market fell to a Monday low $2,124bn before rising to a late Tuesday high $2,417bn. At the time of writing, the total market cap stood at $2,377bn.
Bitcoin’s dominance rose to a Monday high 41.96% before falling to a Wednesday low 40.33%. At the time of writing, Bitcoin’s dominance stood at 40.38%.
This Morning
At the time of writing, Bitcoin was up by 0.56% to $50,788. A mixed start to the day saw Bitcoin fall to an early morning low $50,504 before rising to a high $50,844.
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, Binance Coin was up by 1.30% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $50,168 pivot to bring the first major resistance level at $51,610 into play. Support from the broader market would be needed, however, for Bitcoin to break out from Wednesday’s high $51,275 levels.
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 the 23.6% FIB of $53,628 before easing back. The second major resistance level sits at $52,717.
A fall through the $50,168 pivot would bring the first major support level at $49,061 into play. Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$48,000 levels. The second major support level sits at $47,619.
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