Daily Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP Bitcoin , BTC to USD, tumbled by 8.23% on Saturday.Following a 5.01% fall on Friday, Bitcoin ended the day at $49,249.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $53,879 before hitting reverse.Falling well short of the first major resistance level at $57,080, Bitcoin tumbled to a mid-morning intraday low $41,634.
The extended sell-off saw Bitcoin fall through the 23.6% FIB of $53,628, the day’s major support levels, and the 38.2% FIB of $44,144.
Finding mid-morning support, however, Bitcoin returned to $49,000 levels.Bitcoin moved back through the third major support level at $41,674 and the second major support level at $47,940.
The partial recovery also saw Bitcoin move back through the 38.2% FIB of $44,144 to end the day at $49,200 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 particularly bearish day on Saturday.
Chainlink (-11.15%), Crypto.com Coin (-12.41%), and Litecoin (-13.40%) led the way down.
Bitcoin Cash SV (-x%), Cardano’s ADA (-8.66%), and Ripple’s XRP (-8.03%) also saw particularly heavy losses.
Binance Coin (-4.38%), Ethereum (-2.17%), and Polkadot (-4.91%) saw relatively modest losses, however.
In the current 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 $2,296bn.
Bitcoin’s dominance rose to a Monday high 43.01% before falling to a Saturday low 40.66%.At the time of writing, Bitcoin’s dominance stood at 40.70%.
Key Drivers Once more, the crypto markets became a victim of FED Monetary policy sentiment and a recoupling with the global financial markets.
A flight to safety late last week may have led to margin calls before considering the impact of the prospects of rising borrowing costs to fund crypto purchses.With Bitcoin and the broader market at elevated levels, profit taking likely hit those looking to buy on the dip…
Story continues This Morning At the time of writing, Bitcoin was up by 0.19% to $49,344.A mixed start to the day saw Bitcoin fall to an early morning low $49,186 before rising to a high $49,670.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV bucked the early trend, falling by 2.17%.
It was a bullish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was up by 3.80% to lead the way.
For the Bitcoin Day Ahead Bitcoin would need to avoid the $48,254 pivot to bring the 23.6% FIB of $53,628 and the first major resistance level at $54,874 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 $55,000 levels before easing back.
The second major resistance level sits at $60,499.
A fall through the $48,254 pivot would bring the 38.2% FIB of $44,144 and the first major support level at $42,629 into play.Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$40,000 levels.
The second major support level sits at $36,009.
This article was originally posted on FX Empire
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