Bitcoin, BTC to USD, rose by 2.98% on Sunday. Reversing a 0.40% decline Saturday, Bitcoin ended the week up by 25.08% to $48,584.0.
A mixed start to the day saw Bitcoin slip to an early morning intraday low $47,030.0 before making a move.
Steering clear of the first major support level at $46,218, Bitcoin rallied to a mid-day intraday high and a new swing hi $49,659.0.
Bitcoin broke through the first major resistance level at $48,172 and the second major resistance level at $49,168.
A bearish end to the day, however, saw Bitcoin fall back through the second major resistance level to end the day at sub-$49,000.
The near-term bullish trend remained intact, supported by the Sunday’s new swing hi $49,659.0. For the bears, Bitcoin would need to slide through the 62% FIB of $21,442 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Sunday.
It was a bearish day for the rest of the majors, however.
Ethereum saw relatively modest 0.77% loss, however.
For the week, it was a bullish week for the crypto majors, however.
Binance Coin surged by 98.52% to lead the way.
Bitcoin Cash SV (+43.58%), Cardano’s ADA (+27.43%), Chainlink (+34.02%), Crypto.com Coin (+40.20%), Litecoin (+41.05%), Ripple’s XRP (+41.34%) also found strong support.
Ethereum (+11.65%) and Polkadot (+8.63%) trailed the front runners, however.
In the week, the crypto total market cap fell to a Monday low $1,145.36bn before surging to a Sunday high $1,539.20bn. At the time of writing, the total market cap stood at $1,453.99bn.
Bitcoin’s dominance jumped to a Tuesday high 64.76% before sliding to a Saturday low 59.67%. At the time of writing, Bitcoin’s dominance stood at 60.42%.
At the time of writing, Bitcoin was up by 0.23% to $47,694.0. A bullish start to the day saw Bitcoin rise from an early morning low $48,592.0 to a high $48,727.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day. Crypto.com Coin was down by 1.27% early on to buck the trend.
It was a bullish start for the rest of the majors, however.
At the time of writing, Bitcoin Cash SV was up by 2.94% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $48,424 to bring the first major resistance level at $49,819 into play.
Support from the broader market would be needed for Bitcoin to break out from Sunday’s swing hi $49,659.0.
Barring an extended crypto rally, the first major resistance level and resistance at $50,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $51,053.
Failure to avoid a fall through the $48,424 pivot would bring the first major support level at $47,190 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$47,000 levels. The second major support level sits at $45,795.