Bitcoin (BTC) Eyes a Return to $50,000 after Tuesday’s Gain

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 Day Prior Moves

Bitcoin, BTC to USD, rose by 3.51% on Tuesday. Partially reversing a 6.72% slide from Monday, Bitcoin ended the day at $48,399.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $46,356 before making a move. Steering clear of the first major support level at $44,947, Bitcoin rallied to a late intraday high $48,684.

Falling short of the first major resistance level at $49,393, however, Bitcoin eased back to end the day at sub-$48,500 levels.

The near-term bullish trend remained intact, in spite of the recent 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 session.

Crypto.com Coin and Polkadot bucked the trend on the day, falling by 1.35% and by 2.70% respectively.

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

Litecoin led the way, rising by 4.04%.

Cardano’s ADA (+3.59%), Chainlink (+3.78%), and Ripple’s XRP (+3.76%) also found strong support.

Binance Coin (+1.44%), Bitcoin Cash SV (+1.02%), and Ethereum (+2.03%) trailed the front runners, however.

Early in the week, the crypto total market rose to a Monday high $2,297bn before falling to a Monday low $2,049bn. At the time of writing, the total market cap stood at $2,185bn.

Bitcoin’s dominance fell to a Monday low 41.33% before rising to a Tuesday high 42.25%. At the time of writing, Bitcoin’s dominance stood at 41.85%.

This Morning

At the time of writing, Bitcoin was down by 0.02% to $48,391. A mixed start to the day saw Bitcoin rise to an early morning high $48,400 before falling to a low $48,282.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.02%), Chainlink (-0.12%), and Ripple’s XRP (-0.33%) joined Bitcoin (BTC) in the red.

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

At the time of writing, Crypto.com Coin was up by 2.45% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $47,813 pivot to bring the first major resistance level at $49,270 into play. Support from the broader market would be needed, however, for Bitcoin to break out from Tuesday’s high $48,684.

Barring an extended crypto rally, the first major resistance level and resistance at $50,000 would likely cap the upside. In the event of an extended rally, Bitcoin could test resistance at $52,000 before any pullback. The second major resistance level sits at $50,141.

A fall through the $47,813 pivot would bring the first major support level at $46,942 into play. Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$45,000 levels. The second major support level at $45,485 should limit the downside.

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