It’s a mixed start to the day for the majors. A Bitcoin move back through to $52,500 levels would support a broad-based crypto rally.
Bitcoin, BTC to USD, fell by 1.04% on Thursday. Partially reversing a 5.97% rally from Wednesday, Bitcoin ended the day at $51,566.0.
Bitcoin Surpasses $50,000 in New Record High
A mixed start to the day saw Bitcoin rise to an early morning intraday high $52,539.0 before hitting reverse.
Bitcoin fell short of Wednesday’s new swing hi $52,577.0 and the first major resistance level at $53,462.
The reversal saw Bitcoin fall to a mid-day intraday low $50,863.0 before finding support.
Steering clear of the first major support level at $49,885, Bitcoin revisited $52,300 levels before falling back into the red.
The near-term bullish trend remained intact, supported by the Wednesday’s new swing hi $52,577.0. For the bears, Bitcoin would need to slide through the 62% FIB of $22,556 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.
It was a bullish day for the rest of the majors, however.
In the current week, the crypto total market cap fell to a Monday low $1,350.01bn before rising to a Thursday high $1,602.83bn. At the time of writing, the total market cap stood at $1,573.61bn.
Bitcoin’s dominance fell to a Monday low 60.67% before rising to a Wednesday high 63.41%. At the time of writing, Bitcoin’s dominance stood at 61.42%.Advertisement
At the time of writing, Bitcoin was up by 0.54% to $51,847.0. A mixed start to the day saw Bitcoin fall to an early morning low $51,505.0 before rising to a high $51,913.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Polkadot was down by 0.55% to buck the trend early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Binance Coin was up by 5.72% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $51,656 to bring the first major resistance level at $52,449 into play.
Support from the broader market would be needed for Bitcoin to break back through to $52,000 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s swing hi $52,577.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $53,332.
Failure to avoid a fall through the $51,656 pivot would bring the first major support level at $50,773 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$50,000 levels. The second major support level sits at $49,980.