BY : Bob Mason
Following a mixed day for Bitcoin and the broader market, a Bitcoin move back through to $48,500 levels would deliver support to the pack.
Bitcoin, BTC to USD, fell by 1.05% on Saturday. Consolidating Friday’s 9.86% rally, Bitcoin ended the day at $47,649.0
A mixed start to the day saw Bitcoin fall to an early morning intraday low $47,438.0 before making a move.
Steering well clear of the first major support level at $44,820, Bitcoin rallied to an early afternoon intraday high $48,350.0.
Falling short the first major resistance level at $49,973, however, Bitcoin fell back to sub-$48,000 and into the red.
The near-term bullish trend remained intact, supported the latest return to sub-$48,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Saturday.
Crypto.com Coin rallied by 3.81% to lead the way.
Binance Coin (+1.36%), Chainlink (+2.46%), Ethereum (+2.31%), Litecoin (+1.65%), and Polkadot (+1.31%) found support on the day.
It was a bearish day for the rest of the majors, however.
Bitcoin Cash SV (-0.76%), Cardano’s ADA (-0.40), and Ripple’s XRP (-0.37%) joined Bitcoin in the red.
In the current week, the crypto total market fell to a Wednesday low $1,808bn before rising to a Saturday high $2,190bn. At the time of writing, the total market cap stood at $2,137bn.
Bitcoin’s dominance fell to a Thursday low 41.77% before rising to a Saturday high 42.65%. At the time of writing, Bitcoin’s dominance stood at 42.11%.
This Morning
At the time of writing, Bitcoin was up by 0.24% to $47,762.0. A mixed start to the day saw Bitcoin fall to an early morning low $47,632.0 before rising to a high $47,789.0.
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, falling by 0.99%.
It was a bullish start for the rest of the majors, however.
At the time of writing, Binance Coin was up by 0.91% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $47,812 pivot to bring the first major resistance level at $48,187 into play.
Support from the broader market would be needed for Bitcoin to break back through to $48,000 levels.
Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $48,350.0 would likely cap the upside.
In the event of a broad-based crypto rally, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. Bitcoin would need plenty of support, however, to break through the third major resistance level at $49,686. The second major resistance level sits at $48,724.
Failure to move through the $47,812 would bring the first major support level at $47,275 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$47,000. The second major support level sits at $46,900.
