Following a mixed day for Bitcoin and the cryptos on Wednesday, it was a bullish morning.
At the time of writing, Bitcoin, BTC to USD, was up by 1.82% to $46,907.0.
A mixed start to the day saw Bitcoin fall to an early morning low $45,546.0 before making a move.
Steering clear of the first major support level at $44,578, Bitcoin rose to an early afternoon high $47,222.0.
In spite of the return to $47,000 levels, however, Bitcoin fell short of the first major resistance level at $47,457.
The Rest of the Pack
It has been a bullish morning for the broader crypto market.
At the time of writing, Crypto.com Coin was up by 8.54% to lead the way.
Through the early hours, the crypto total market cap fell to an early morning low $2,092bn before rising to a high $2,175bn. At the time of writing, the total market cap stood at $2,159bn.
Bitcoin’s dominance fell to a mid-morning low 40.52% before rising to a mid-day high 41.04%. At the time of writing, Bitcoin’s dominance stood at 40.89%.
For the Afternoon Ahead
Bitcoin would need to avoid a fall back through the $45,965 pivot to bring the first major resistance level at $47,457 back into play.
Support from the broader market will be needed, however, for Bitcoin to breakout from the morning high $47,222.0.
Barring a broad-based crypto rally, the first major resistance level and resistance at $48,000 would likely pin Bitcoin back.
In the event of an extended rally through the afternoon, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $48,844.
A fall back through the $45,965 pivot would bring the first major support level at $44,578 back into play.
Barring another extended sell-off through the afternoon, however, Bitcoin should avoid sub-$44,000 and the second major support level at $43,086.
Looking beyond the support and resistance levels, we saw the 50 EMA pullback from the 100 and 200 EMAs through the morning.
We also saw the 100 EMA pullback from the 200 EMA suggesting a bearish afternoon.
Through the 2nd half of the day, a narrowing of the 50 EMA on the 100 and 200 EMAs would support a run at $50,000 levels.
Key through the afternoon, however, would be to avoid a Bitcoin fall back through the day’s pivot level at $45,965.