Bitcoin (BTC) – A Return to $50,000 Would Support the Crypto Market. Indicators Flash Red, however

This is the tech analysis for Bitcoin. We will be looking at movements from the day prior and today’s support, resistance, pivot levels, and Fibonacci’s. Additionally, we will look at the broader market moves on the day prior and any key market drivers.

Bitcoin’s Day Prior Moves

Bitcoin, BTC to USD, slid by 5.73% on Thursday. Following a 0.27% decline on Wednesday, Bitcoin ended the day at $47,610.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $50,844.0 before hitting reverse. Falling short of the first major resistance level at $51,610, Bitcoin slid to a late intraday low $47,408. Bitcoin fell through the first major support level at $49,061 and the second major support level at $47,619.

Steering clear of sub-$47,000, however, Bitcoin briefly broke back through the second major support level before ending the day at $47,610 levels.

The near-term bullish trend remained intact, in spite of the latest pullback to $41,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.


The Rest of the Pack

Across the rest of the majors, it was a bearish session.

Chainlink slid by 11.43% to lead the way down, with Bitcoin Cash SV (-9.69%), Cardano’s ADA (-7.66%), Ethereum (-7.54%), and Litecoin (-8.38%) seeing deep red.

Binance Coin (-6.10%), Crypto.com Coin (-5.27%) and Polkadot (-4.28%) also struggled.

Ripple’s XRP ended the day down by a more modest 0.42%, however.

In the current week, the crypto total market fell to a Monday low $2,124bn before rising to a late Tuesday high $2,417bn. At the time of writing, the total market cap stood at $2,227bn.

Bitcoin’s dominance rose to a Monday high 41.96% before falling to a Thursday low 39.95%. At the time of writing, Bitcoin’s dominance stood at 40.62%. Bitcoin’s dominance last fell to sub-40% levels back in mid-September.

This Morning

At the time of writing, Bitcoin was up by 0.61% to $47,901. A mixed start to the day saw Bitcoin fall to an early morning low $47,500 before rising to a high $48,111.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (-0.50%) and Crypto.com Coin (-2.49%) bucked the early trend.

It was a bullish start for the rest of the majors, however.

At the time of writing, Chainlink was up by 0.99% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $48,621 pivot to bring the first major resistance level at $49,833 into play. Support from the broader market would be needed, however, for Bitcoin to break out from $49,500 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $50,844 would likely cap the upside. In the event of an extended rally, Bitcoin could test the 23.6% FIB of $53,628 before easing back. The second major resistance level sits at $52,057.

Failure to move through the $48,621 pivot would bring the first major support level at $46,397 into play. Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$45,000 levels and the 38.2% FIB of $44,144. The second major support level at $45,185 should limit the downside.

Daily Video Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP

This article was originally posted on FX Empire

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