BTC fell 1.01% against the U.S. dollar on Saturday. Bitcoin partially reversed its 5.48% gain from Friday and closed at 48,837.0 US dollars that day. After the start of the range volatility that day, Bitcoin fell to an intraday low of $48,219.0 before taking action. Bitcoin avoided the first major support at $47,518 and rebounded to an afternoon high of $49,788.0. However, Bitcoin fell below the first major resistance level of $50,271, fell back below $49,000 and fell. Supported by the recent rebound to the $49,000 level, the recent bullish trend remains unchanged. For short positions, Bitcoin needs to continue to fall to 62% FIB of $27,237 to form a recent bearish trend. Rest package Among other major events, Saturday is a bearish day. Bitcoin Cash SV and Ripple’s XRP led the decline, with losses of 3.25% and 3.57%, respectively. Chainlink (-2.89%), Ethereum (-1.83%) and Litecoin (-2.11%) are also struggling.
However, Binance Coin (-1.29%), Cardano’s ADA (-0.75%), Crypto.com coin (-0.73%) and Polkadot (-0.06%) saw relatively small declines. This week, the total cryptocurrency market fell to Wednesday’s low of US$ 1,832 billion, and then rose to Saturday’s high of US$ 2,124 billion. At the time of writing, the total market capitalization is $2,062 billion. Bitcoin’s dominance fell to Tuesday’s low of 43.67%, and then rose to Wednesday’s high of 45.35%. At the time of writing, Bitcoin’s dominance is 44.55%. This morning At the time of writing, Bitcoin was up 0.03% to $48,854.0. The opening day was mixed. Bitcoin fell to an early low of $48,692.5, and then rose to a high of $48,998.7. Bitcoin did not test the main support and resistance levels in the early days. Elsewhere, the beginning of the day has been mixed. Bitcoin Cash SV fell 0.72% to buck the trend. However, for other professionals, this is a bullish start. At the time of writing, Polkadot led the way with gains of 1.45%.
For Bitcoin’s future day Bitcoin needs to return to the pivot point of $48,948 to make the first major resistance level of $49,667 come into play. For Bitcoin to break from the $49,500 level, it needs the support of the broader market. Barring a broad cryptocurrency rally, the first major resistance level and Saturday’s high of $49,788.0 may limit any upside. If the cryptocurrency continues to rise, Bitcoin may test the 23.6% FIB resistance at $50,473 before any pullback. The second major resistance is at 50,517 USD. If it fails to return to the pivot point of US$48,948, the first major support level of US$48,108 will come into play. Unless there is a long-term sell-off that day, Bitcoin should avoid levels below $47,000. The second major support level of 47,379 USD should limit the downside.
This article was originally published in FX Empire.