It’s been a bullish start to the day for Bitcoin and the broader crypto market. Following another bearish day on Wednesday, Bitcoin and broader market found much-needed through this morning.
At the time of writing, Bitcoin, BTC to USD, was up by 2.38% to $39,258.0. A mixed start to the day saw Bitcoin fall to an early morning low $38,211.0 before finding support.
Steering clear of the first major support level at $37,491, Bitcoin rose to a late morning high $39,519.0.
Falling short of the day’s first major resistance level at $39,830, however, Bitcoin eased back to sub-$39,500 levels.
The Rest of the Pack
It’s been a mixed morning for the broader crypto market.
Through the morning, Crypto.com Coin bucked the trend, falling by 0.52%.
The rest of the majors were in positive territory, however, with Chainlink leading the way, rallying by 4.71%.
Polkadot trailed the front runners, however, rising by just 0.40%.
Through the early hours, the crypto total market fell to an early morning low $1,516bn before rising to a high $1,613bn. At the time of writing, the total market cap stood at $1,603bn.
Bitcoin’s dominance fell to an early low 45.63% before rising to a high 45.96%. At the time of writing, Bitcoin’s dominance stood at 45.90%.
For the Day Ahead
Bitcoin would need to avoid a fall back through the $38,976 pivot to support a run at the run at the first major resistance level at $39,830.
Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $39,519.0.
Barring an extended crypto rally, the first major resistance level and resistance at $40,000 likely cap any upside.
In the event of a broad-based crypto rally. Bitcoin could test resistance at the 38.2% FIB of $41,592. The second major resistance level sits at $41,315.
A fall back through $38,976 pivot would bring the first major support level at $37,491 into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$37,000 levels.
The second major support level sits at $36,637.
Looking beyond the support and resistance levels, the 50 EMA narrowed on the 100 and the 200 early on before widening again in the late morning.
We have also seen the 100 EMA hold its ground on the 200 EMA supporting the upside through the morning.
A further widening of the 50 EMA on the 100 EMA would bring sub-$40,000 levels and the 38.2% FIB of $41,592 into play. Bitcoin would need plenty of support, however, to break out from $40,500 levels.