Bitcoin (BTC) – A Bearish Start to Test Support with Next Week’s FED Policy Decision in Focus

This is the tech analysis for Bitcoin (BTC). 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 (BTC) Day Prior Moves

Bitcoin, BTC to USD, fell by 0.82% on Friday. Following a 5.73% slide on Thursday, Bitcoin ended the day at $47,208.

After a mixed start to the day, Bitcoin rose to an early afternoon intraday high $50,212 before hitting reverse. Bitcoin broke through the first major resistance level at $49,833 before sliding to a late intraday low $47,051.

Steering clear of the first major support level at $46,397, however, Bitcoin moved back through to $47,200 levels to limit the downside.

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 another bearish session.

Chainlink slumped by 8.57% to lead the way down once more, with Cardano’s ADA (-6.12%), Ethereum (-4.99%), Ripple’s XRP (-7.13%) also seeing heavy losses.

Binance Coin (-3.15%), Bitcoin Cash SV (-1.95%), Crypto.com Coin (-2.74%), Litecoin (-1.95%) and Polkadot (-0.87%) saw relatively modest losses, 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 $2,133.

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 41.57%. Bitcoin’s dominance last fell to sub-40% levels back in mid-September.

This Morning

At the time of writing, Bitcoin was down by 0.53% to $46,957. A mixed start to the day saw Bitcoin rise to an early morning high $47,378 before falling to a low $46,872.

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, Crypto.com Coin was down by 5.08% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $48,157 pivot to bring the first major resistance level at $49,263 into play. Support from the broader market would be needed, however, for Bitcoin to break out from $48,500 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $50,212 would likely cap the upside. In the event of an extended rally, Bitcoin could test the second major resistance level at $51,318 before easing back.

Failure to move through the $48,157 pivot would bring the first major support level at $46,102 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 $45,000 should limit the downside.

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