After a relatively bullish Thursday for Bitcoin and the broader market, it’s been another bullish morning for Bitcoin and the broader crypto market.
At the time of writing, Bitcoin, BTC to USD, was up by 1.99% to $50,257.0.
A mixed start to the day saw Bitcoin fall to an early morning low $48,332.0 before making a move.
Finding support at the first major support at $48,482, Bitcoin rallied to a late morning intraday high $50,494.0.
The morning rally saw Bitcoin break through the first major resistance level at $50,216 and the 23.6% FIB of $50,473 before easing back to sub-$50,300 levels.
The Rest of the Pack
It has been a bullish morning for the broader crypto market.
At the time of writing, Litecoin was up by 5.79% to lead the way.
Through the early hours, the crypto total market cap fell to an early morning low $2,175bn before rising to a high $2,289bn. At the time of writing, the total market cap stood at $2,266bn.
Bitcoin’s dominance rose to an early morning high 41.85% before falling to a low 41.47%. At the time of writing, Bitcoin’s dominance stood at 41.66%.
For the Afternoon Ahead
Bitcoin would need to avoid a fall back through the first major resistance level at $50,216 to bring the second major resistance level at $51,157 back into play.
Support from the broader market would be needed, however, for Bitcoin to break back through the 23.6% FIB of $50,473.
Barring an extended crypto rally through the afternoon, the second major resistance level would likely cap any upside.
In the event of an extended rally, however, Bitcoin could target $53,000 before any pullback. The third major resistance level sits at $52,891.
A fall back through first major resistance level and through the $49,423 pivot would bring the first major support level at $48,482 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$48,000 levels. The second major support level sits at $47,689.
Looking beyond the support and resistance levels, we saw the 50 EMA pull away from the 100 and 200 EMAs through the morning.
The 100 EMA also pulled away from the 200 EMA adding further support through the morning.
Key going into the afternoon would be a break back through the 23.6% FIB and a move through to $51,000 levels.
A narrowing of the 50 EMA on the 100 EMA, however, would test investor resilience.
On the economic data front, particularly disappointing nonfarm payroll figures from the U.S should deliver support…
Avoiding a fall back through the first major resistance level at $50,216 will be key, however.