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It’s a mixed start to the day for the majors. A Bitcoin move through to $48,500 levels should support the pack.
Bitcoin, BTC to USD, fell by 1.26% on Friday. Partially reversing a 7.07% rally from Thursday, Bitcoin ended the day at $47,397.0.
A bullish start to the day saw Bitcoin rise to an early morning intraday high and a new swing hi $48,945.0 before hitting reverse.
Falling short of the first major resistance level at $49,765, Bitcoin fell to an early afternoon intraday low $47,397.0.
Steering clear of the first major support level at $45,084, Bitcoin revisited $48,000 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.
Across the rest of the majors, it was a mixed day on Friday.
Cardano’s ADA fell by 0.20% to buck the trend on the day alongside Bitcoin.
It was a bullish day for the rest of the majors, however.
Polkadot and Ripple’s XRP rallied by 16.22% and by 15.33% to lead the way.
Binance Coin (+10.34%), Chainlink (+10.12%) and Litecoin (+7.29%) also found strong support on the day.
Bitcoin Cash SV (+2.62%), Crypto.com Coin (+5.56%), and Ethereum (+3.23%) trailed the front runners, 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 $1,461.07bn.
Bitcoin’s dominance jumped to a Tuesday high 64.76% before sliding to a current day low 60.25%. At the time of writing, Bitcoin’s dominance stood at 60.82%.
At the time of writing, Bitcoin was down by 0.60% to $47,677.0. A mixed start to the day saw Bitcoin slip to an early morning low $47,263.0 before striking a high $48,209.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (-2.98%), Cardano’s ADA (-1.31%), and Ethereum (-0.09%) 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 6.90% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall back through the pivot level at $47,398 to bring the first major resistance level at $48,944 into play.
Support from the broader market would be needed for Bitcoin to break out from $48,500 levels.
Barring an extended crypto rally, the first major resistance level and Friday’s swing hi $48,945.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test the second major resistance level at $50,491.
Failure to avoid a fall back through the $47,398 pivot would bring the first major support level at $45,851 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 $44,305.
Source: FXempire
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