Bitcoin (BTC): A Return to $50K Would Bring $53K Into Play
Bitcoin and the broad crypto marketplace secure support on Saturday. However, the downbeat mode remains as Bitcoin failed to overcome $50,000 throughout the day. The leading digital coin needs to conquer $50,000 for a price breakout.
This technical analysis checks Bitcoin’s price actions. We will evaluate yesterday’s moves and today’s resistance, support, Fibonacci’s, and pivot levels. Moreover, we will analyze the overall market actions since yesterday and vital market driver.
Bitcoin’s Yesterday Moves
Saturday’s trading sessions had BTC/USD rising by 4.73%. With that, the crypto reversed the 0.82% drop from the day prior. BTC ended yesterday near $49,426. Meanwhile, unpredictable price movements early on the day had the bellwether crypto falling towards a morning low of $46,872 before moving. Nevertheless, keeping away the first critical support zone at $46,102 saw BTC rising towards a late high of $49,522.
The upward mode had Bitcoin breaking through the first critical resistance area at $49,263, wrapping up yesterday at $49,400. Meanwhile, BTC maintained a near-term bullish trend regardless of the latest downswing towards the $42,000 levels. BTC bears require a sustained drop through 62% Fibo of $28,815 for near-term bearish dominance.
The Altcoin Market
Top digital currencies witnessed bullishness during Saturday sessions. ADA gained 11.73%, leading the day’s gainers. Other coins that secured massive support include Litecoin (+6.44%) and Chainlink (+7.44%).
Furthermore, Ethereum (+4.79), Ripple (+4.84), Bitcoin Cash (+4.53%), Binance Coin (+2.04%), and Crypto.com Coin (+0.91) trailed the forerunners.
Over the week, the cryptocurrency total market value surged to a Tuesday high of $2.420 trillion before plunging towards Saturday lows of $2.116 trillion. While publishing this news, the crypto market capitalization stands at $2.261 trillion. Meanwhile, BTC’s dominance ascended to a Monday peak of 41.90 before dropping to Thursday’s low of 39.90%. While writing this content, Bitcoin has its market dominance sitting at 41.49.
While publishing this news, BTC hovers at $49,676 after a 0.51% increase. Early unpredictable moves saw BTC falling to an early low of $49,372 before climbing to $49,721. Bitcoin left its crucial support and resistance zones untested.
Elsewhere, the crypto market saw mixed actions. Polkadot (-0.23%) and Chainlink (-0.14%) bucked their early trends. Meanwhile, Cardano led gainers with a 1.85% rise.
For now, BTC should overcome $48,607 to touch the first crucial resistance at $50,341. Nevertheless, correct sentiments are necessary for the coin to conquer the hurdle at $50,000. An extended rally will see Bitcoin testing 23.6% Fibonacci at $53,628 before pullbacks appear.