After a mixed session for Bitcoin and the broader market on Sunday, a Bitcoin move back through to $50,000 levels would support the pack.
Bitcoin, BTC to USD, rose by 0.47% on Sunday. Following an 8.23% tumble on Saturday, Bitcoin ended the week down by 13.70% to $49,474.
A mixed start to the day saw Bitcoin rise to a mid-morning intraday high $49,769 before hitting reverse. Falling well short of the first major resistance level at $54,874, Bitcoin fell to a mid-afternoon intraday low $47,860.
Steering clear of the 38.2% FIB of $44,144 and the first major support levels at $42,629, Bitcoin found late support to end the day in positive territory.
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.
Across the rest of the majors, it was a mixed day on Sunday.
Ethereum rose by 1.90% to join Bitcoin in the green.
It was another bearish session for the rest of the majors, however.
Crypto.com Coin slid by 7.34% to lead the way down, with Bitcoin Cash SV (-6.58%) and Chainlink (-5.87%) close behind.
Binance Coin (-1.97%), Cardano’s ADA (-2.95%), Litecoin (-3.82%), Polkadot (-4.08%), and Ripple’s XRP (-4.85%) also struggled, however.
In the week, the crypto total market rose to a Wednesday high $2,712bn before sliding to a Saturday low $1,881bn. At the time of writing, the total market cap stood at $2,255bn.
Bitcoin’s dominance rose to a Monday high 43.01% before falling to a Sunday low 40.21%. At the time of writing, Bitcoin’s dominance stood at 41.27%.
At the time of writing, Bitcoin was down by 0.37% to $49,290. A mixed start to the day saw Bitcoin rise to an early morning high $49,522 before falling to a low $49,267.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin bucked the early trend, rising by 3.70%.
It was a bearish start for the rest of the majors, however.
At the time of writing, Bitcoin Cash SV was down by 1.68% to lead the way down.
Bitcoin would need to avoid the $49,034 pivot to bring the first major resistance level at $50,209 into play. Support from the broader market would be needed, however, for Bitcoin to break back through to $50,000 levels.
Barring an extended crypto rally, the first major resistance level would likely cap the upside.
In the event of an extended rally, Bitcoin could test resistance at $52,000 levels before easing back. The second major resistance level sits at $50,943.
A fall through the $49,034 pivot would bring the first major support level at $48,300 into play. Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $47,125.
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.