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Bitcoin (BTC) – Bears Test Support Early. A Move Back Through to $50,000 Needed to Support a Breakout

This is the tech analysis for Bitcoin (BTC). We will be looking at movements from the day prior and today’s support, resistance, pivot levels, and Fibonacci’s. Additionally, we will look at the broader market moves on the day prior and any key market drivers.

Bitcoin’s Day Prior Moves

Bitcoin, BTC to USD, rose by 1.41% on Sunday. Following a 4.73% rally on Saturday, Bitcoin ended the week up by 1.31% to $50,123.

A mixed start to the day saw Bitcoin fall to a late morning intraday low $48,690 before making a move. Steering clear of the first major support level at $47,691, Bitcoin rose to a late afternoon intraday high $50,800.

Bitcoin broke through the first major resistance level at $50,341 before falling back to sub-$50,000 levels. Finding late support, however, Bitcoin wrapped up the day at sub-$50,200 levels. The first major resistance level pinned Bitcoin back late in the day.

The near-term bullish trend remained intact, in spite of the latest pullback to $41,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed session.

Bitcoin Cash SV fell by 2.84%, with Cardano’s ADA (-0.52%) also seeing red to buck the trend on the day.

It was a bullish day for the rests of the majors, however.

Polkadot rallied by 4.87% to lead the way, with Chainlink (+2.46%) and Crypto.com Coin (+3.46%) also finding strong support.

Binance Coin (+1.13%), Ethereum (+1.02%), Litecoin (+0.59%), and Ripple’s XRP (+0.37%) trailed the front runners, however.

In the week, the crypto total market rose to a Tuesday high $2,417bn before falling to a Saturday low $2,116bn. At the time of writing, the total market cap stood at $2,224.

Bitcoin’s dominance rose to a Monday high 41.96% before falling to a Thursday low 39.95%. At the time of writing, Bitcoin’s dominance stood at 41.63%.

This Morning

At the time of writing, Bitcoin was down by 2.02% to $49,109. A mixed start to the day saw Bitcoin rise to an early morning high $50,234 before falling to a low $48,875.

Bitcoin tested the first major support level at $48,942 early on.

BTCUSD 131221 Hourly Chart

Elsewhere, it was a bearish start to the day.

At the time of writing, Ethereum was down by 3.49% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the $49,871 pivot to bring the first major resistance level at $51,052 into play. Support from the broader market would be needed, however, for Bitcoin to breakout from Sunday’s high $50,800.

Barring an extended crypto rally, the first major resistance level would likely cap the upside. In the event of an extended rally, Bitcoin could test the 23.6% FIB $53,628 before any pullback. The second major resistance level sits at $51,981.

Failure to move back through the $49,871 pivot would bring the first major support level at $48,942 back 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 $47,761.

Daily Video Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP