It’s been a bullish start for Bitcoin and the broader crypto market. After Tuesday’s mixed session, appetite for cryptos was on the rise through the early hours.
At the time of writing, Bitcoin, BTC to USD, was up by 3.48% to $39,731.4. Through the early hours, UTC, Bitcoin fell to a current day low $37,851.6 before striking a late morning high $40,884.0.
Steering clear of the first major support level at $36,625, Bitcoin broke through the first major resistance level at $40,000 to test resistance at $41,000.
Bitcoin came up short of the 38.2% FIB of $41,592 and the second major resistance level at $41,602, however.
The Rest of the Pack
Across the rest of the majors, it has been a bullish morning.
Through the early hours, the crypto total market fell to an early morning low $1,610bn before rising to a high $1,761bn. At the time of writing, the total market cap stood at $1,711bn.
Bitcoin’s dominance rose to an early high 44.05% before falling to a low 43.26%. At the time of writing, Bitcoin’s dominance stood at 43.46%.
For the Day Ahead
Bitcoin would need to avoid a fall back through the $38,227 pivot to support another run at the 38.2% FIB of $41,592.
Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $40,884.0.
Barring an extended rally through the early afternoon, resistance at $41,000 would likely continue to limit the upside.
A move back through the $40,500 levels, however, would bring the 38.2% FIB of $41,592 and the second major resistance level at $41,602 back into play.
Looking beyond the support and resistance levels, we saw the 50 EMA break back through the 100 EMA delivering the markets with a bullish signal this morning…
A fall back through the $38,227 pivot would bring the first major support level at $36,625 into play.
Barring another extended sell-off throughout the afternoon, Bitcoin should steer clear of sub-$35,000 levels. The second major support level sits at $34,853.