It’s a mixed start to the day as Bitcoin inches towards the $50,000 milestone. A Bitcoin move through to $49,000 levels should support the pack.
Bitcoin, BTC to USD, rallied by 7.07% on Thursday. Reversing a 3.54% slide from Wednesday, Bitcoin ended the day at $48,008.
A bearish start to the day saw Bitcoin fall to an early morning intraday low $43,917.4 before making a move.
Steering clear of the first major support level at $43,284, Bitcoin rallied to a late intraday high and a new swing hi $48,598.0.
Bitcoin broke through the first major resistance level at $46,890 before a slide back to sub-$46,000 levels.
Finding late support, however, Bitcoin moved back through to $48,000 levels to deliver the upside on the day.
The near-term bullish trend remained intact, supported by the Thursday’s new swing hi $48,598.0. For the bears, Bitcoin would need to slide through the 62% FIB of $21,036 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Thursday.
Binance Coin slid by 3.66% to lead the way down.
Cardano’s ADA (-1.44%) and Polkadot (-0.97%) also saw red on the day.
It was a bullish day for the rest of the majors, however.
Crypto.com Coin jumped by 15.5% to lead the way.
In the current week, the crypto total market cap fell to a Monday low $1,145.36bn before surging to a Thursday high $1,481.62bn. At the time of writing, the total market cap stood at $1,442.71bn.
Bitcoin’s dominance jumped to a Tuesday high 64.76% before falling to a Wednesday low 61.13%. At the time of writing, Bitcoin’s dominance stood at 62.79%.Advertisement
At the time of writing, Bitcoin was up by 1.64% to $48,795.0. A mixed start to the day saw Bitcoin slip to an early morning low $47,987.0 before striking a new swing hi $48,945.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (-0.86%), Cardano’s ADA (-0.36%), Chainlink (-1.31%), Polkadot (-1.31%), and Ripple’s XRP (-0.37%) saw red early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was up by 3.28% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $46,841 to bring the first major resistance level at $49,765 into play.
Support from the broader market would be needed for Bitcoin to break out from this morning’s new swing hi $48,945.0.
Barring an extended crypto rally, the first major resistance level and resistance at $50,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test the second major resistance level at $51,522.
Failure to avoid a fall through the $46,841 pivot would bring the first major support level at $45,084 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$45,000 levels. The second major support level sits at $42,161.