After a mixed day for Bitcoin and the broader market on Wednesday, it’s been a broadly bullish morning for the crypto market.
At the time of writing, Bitcoin, BTC to USD, was up by 0.19% to $66,145.6.
A mixed start to the day saw Bitcoin fall to a mid-morning low $64,033.0 before making a move.
Finding support at the first major support level at $64,051, Bitcoin rose to a late morning intraday high $66,643.0.
Falling well short of the first major resistance level at $67,474, however, Bitcoin fell back to sub-$66,000 levels.
The Rest of the Pack
Binance Coin bucked the morning trend, falling by 1.33%.
For the rest of the majors, it’s been a bullish morning, however.
Through the early hours, the crypto total market cap fell to a mid-morning low $2,611bn before rising to a high $2,692bn. At the time of writing, the total market cap stood at $2,685bn.
Bitcoin’s dominance fell from an early morning high 46.86% to an early morning low 46.24%. At the time of writing, Bitcoin’s dominance stood at 46.43%.
For the Afternoon Ahead
Bitcoin would need to avoid a fall back through the $65,505 pivot to take a run at the first major resistance level at $67,474.
Support from the broader market will be needed, however, for Bitcoin to breakout from Wednesday’s high $66,958.0.
Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.
In the event of another extended rally through the afternoon, Bitcoin could test resistance at $70,000 levels before any pullback. The second major resistance level sits at $68,928.
Bitcoin would need plenty of support, however, to break out from yesterday’s all-time high $66,958.0.
A fall back through the $65,505 pivot would bring the first major support level at $64,051 back into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of the second major support level at $62,082.
Looking beyond the support and resistance levels, we saw the 50 EMA pull further away from the 100 and 200 EMAs through the morning.
We also saw the 100 EMA pull further away from the 200 EMA, delivering additional support.
Through the 2nd half of the day, a widening of the 50 EMA from the 100 would bring $70,000 levels into play.
Key through the late morning and early afternoon, however, would be to avoid a fall back through the $65,505 pivot.