After a mixed start to the week for Bitcoin and the broader crypto market, it’s been a bearish Tuesday morning.
At the time of writing, Bitcoin, BTC to USD, was down by 3.02% to $51,084.0.
A mixed start to the day saw Bitcoin rise to an early morning high $52,888.0 before hitting reverse.
Falling short of the first major resistance level at $53,262, Bitcoin slid to a late morning current day low $50,600.0.
The sell-off saw Bitcoin fall through the first major support level at $51,570.
Steering clear of the 23.6% FIB of $50,473 and the second major support level at $50,464 was key early on.
The Rest of the Pack
It has been a bearish morning for the broader crypto market.
At the time of writing, Ripple’s XRP was down by 7.45% to lead the way down.
Through the early hours, the crypto total market cap rose to an early morning high $2,390bn before falling to a low $2,253bn. At the time of writing, the total market cap stood at $2,292bn.
Bitcoin’s dominance fell to an early morning low 41.45% before rising to a high 42.21%. At the time of writing, Bitcoin’s dominance stood at 41.93%.
For the Afternoon Ahead
Bitcoin would need to move back through the first major support level at $51,570 and the pivot at $52,156 to bring the first major resistance level at $53,262 into play.
Support from the broader market will be needed, however, for Bitcoin to breakout from this morning’s high $52,888.0.
Barring a broad-based crypto rebound resistance at $52,000 would likely pin Bitcoin back.
In the event of an extended rally through the afternoon, the first major resistance level at $53,262 would likely cap the upside. The Bitcoin bulls may need to wait for another day to revisit $55,000 levels.
Failure to move back through the first major support level at $51,570 would bring sub-$51,000 levels back into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$50,000.
The 23.6% FIB of $50,473 and the second major support level at $50,464 should limit the downside.
Looking beyond the support and resistance levels, we saw the 50 EMA pull away from the 100 and 200 EMAs early in the morning before narrowing.
The 100 EMA also pulled away from the 200 EMA adding further early support.
Through the mid-morning, however, a narrowing of the 50 and the 100 EMAs on the 200 weighed.
Key going into the afternoon would be a break back through to $52,000 levels.
A further narrowing of the 50 EMA on the 100 EMA, however, would bring sub-$51,000 levels back into play.