Bitcoin Struggles at $50,500. A Move through to $51,500, however, Would Support a Breakout

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, rose by 0.26% on Tuesday. Following a 2.10% gain on Monday, Bitcoin ended the day at $50,634.

Following a relatively bullish morning, Bitcoin rose to a mid-afternoon intraday high $51,970 before hitting reverse. Coming up against the first major resistance level at $51,945, Bitcoin slid to a late intraday low $50,095.

Steering well clear of the first major support level at $48,124, however, Bitcoin found late support to wrap up the day at $50,600 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 mixed day on Tuesday. Coin surged by 19.90% to lead the way, with Bitcoin Cash SV (5.95%), Chainlink (+6.18%), and Polkadot (+8.12%) finding strong support.

Litecoin (+0.24%) also joined Bitcoin in positive territory.

It was a bearish day for the rest of the majors, however.

Cardano’s ADA fell by 3.02% to lead the way down.

Binance Coin (-1.61%), Ethereum (-1.01%), and Ripple’s XRP (-1.26%) also struggled.

Early in the week, the crypto total market fell to a Monday low $2,124bn before rising to a late Tuesday high $2,416bn. At the time of writing, the total market cap stood at $2,310bn.

Bitcoin’s dominance rose to a Monday high 41.96% before falling to a Tuesday low 40.65%. At the time of writing, Bitcoin’s dominance stood at 41.22%.

This Morning

At the time of writing, Bitcoin was down by 0.49% to $50,386. A mixed start to the day saw Bitcoin rise to an early morning high $50,700 before falling to a low $50,386.

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

Elsewhere, it was a bearish start to the day.

At the time of writing, Coin was down by 6.63% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $50,900 pivot to bring the first major resistance level at $51,704 into play. Support from the broader market would be needed, however, for Bitcoin to break out from $51,500 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $51,970 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 $52,775.

Failure to move through the $50,900 pivot would bring the first major support level at $49,829 into play. Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$49,000 levels. The second major support level at $49,025.

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