It’s a mixed start to the day for the majors. A Bitcoin move back through to $48,500 levels would bring $50,000 into view.
Bitcoin, BTC to USD, slipped by 0.40% on Saturday. Following on from 1.26% decline on Friday, Bitcoin ended the day at $47,177.0.
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A bullish start to the day saw Bitcoin rise to an early morning intraday high $48,209.0 before hitting reverse.
Falling short of the first major resistance level at $48,944, Bitcoin fell to a late morning intraday low $46,255.0.
Steering clear of the first major support level at $45,851, Bitcoin revisited $47,300 levels before falling back into the red.
The near-term bullish trend remained intact, supported by the Friday’s new swing hi $48,945.0. For the bears, Bitcoin would need to slide through the 62% FIB of $21,169 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Saturday.
It was a bearish day for the rest, however.
In the current week, the crypto total market cap fell to a Monday low $1,145.36bn before surging to a Friday high $1,510.61bn. At the time of writing, the total market cap stood at $1,453.99bn.
Bitcoin’s dominance jumped to a Tuesday high 64.76% before sliding to a Saturday low 59.76%. At the time of writing, Bitcoin’s dominance stood at 60.42%.Advertisement
At the time of writing, Bitcoin was.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was another mixed start to the day.
Binance Coin (-0.71%), Cardano’s ADA (-0.20%), Chainlink (-0.03%), Ethereum (-0.42%), and Litecoin (-1.01%) joined Bitcoin in the 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 2.44% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the pivot level at $47,214 to bring the first major resistance level at $48,172 into play.
Support from the broader market would be needed for Bitcoin to break back through to $48,000 levels.
Barring an extended crypto rally, the first major resistance level and Saturday’s high $48,209.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $50,000 before any pullback. The second major resistance level sits at $49,168.
Failure to move back through the $47,214 pivot would bring the first major support level at $46,218 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $45,260.