It’s been yet another mixed start to the day for Bitcoin and the broader crypto market. Following a bullish start to the week for the broader market on Monday, Bitcoin and a number of the majors struggled through this morning.
At the time of writing, Bitcoin, BTC to USD, was down by 1.35% to $39,963.0. A mixed start to the day saw Bitcoin rise to an early morning high $40,798.0 before hitting reverse.
Falling short of Monday’s high $49,980 and the day’s first major resistance level at $41,415, Bitcoin fell to a late morning low $39,551.0.
In spite of falling through the day’s pivot $40,074 pivot level, Bitcoin managed to avoid the first major support level at $39,167.
The Rest of the Pack
It’s been a mixed morning for the broader crypto market.
Through the morning, Bitcoin Cash SV slid by 13.17% to lead the way down.
It has been a bullish start for the rest of the majors, however.
At the time of writing, Chainlink was up by 3.29% to lead the way.
Through the early hours, the crypto total market fell to an early morning low $1,640bn before rising to a high $1,683bn. At the time of writing, the total market cap stood at $1,662bn.
Bitcoin’s dominance rose to an early high 45.59% before falling to a low 44.96%. At the time of writing, Bitcoin’s dominance stood at 45.10%.
For the Day Ahead
Bitcoin would need to move back through the $40,074 pivot to support the run at the first major resistance level at $41,415 and the 38.2% FIB of $41,592.
Support from the broader market would be needed, however, for Bitcoin to break out from Monday’s high $40,980.0.
Barring an extended crypto rally, the first major resistance level and 38.2% FIB of $41,592 would likely cap any upside.
In the event of an extended rally, Bitcoin could test resistance at $43,000 levels before any pullback. The second major resistance level sits at $42,322.
Failure to move back through to the $40,074 pivot would bring the first major support level at $39,167 back into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$38,000 levels.
The second major support level sits at $37,826.
Looking beyond the support and resistance levels, the 50 EMA has pulled further away from the 100 and the 200 early on.
We have also seen the 100 EMA continue to pull away from the 200 EMA delivering a bullish signal.
The indicators support a continued upward trend through the day and a run at $41,000 levels. Breaking back through the day’s pivot level at $40,074 will be key, however.