Bitcoin, BTC to USD, fell by 1.79% on Saturday. Partially reversing a 5.43% rally from Friday, Bitcoin ended the day at $41,439.0.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $42,398.0 before hitting reverse.
Falling well short of the first major resistance level at $43,562, Bitcoin fell to a late afternoon intraday low $41,051.0.
While steering clear of the first majors support level at $39,605, Bitcoin fell through the 38.2% FIB of $41,592.
Steering clear of sub-$41,000 levels, Bitcoin briefly broke back through the 38.2% FIB of $41,592 before a late slide back to sub-$41,500 levels.
The near-term bullish trend remained intact, supported by the latest return to $42,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Saturday.
It was a bullish day for the rest of the majors, however.
Polkadot and Crypto.com Coin rallied by 8.05% and by 5.10% respectively to lead the way.
Cardano’s ADA (+0.71%) trailed the front runners, however.
In the current the week, the crypto total market fell to a Monday low $1,379bn before rising to a Saturday high $1,646bn. At the time of writing, the total market cap stood at $1,605bn.
Bitcoin’s dominance fell to a Monday low 47.07% before rising to a Saturday high 49.18%. At the time of writing, Bitcoin’s dominance stood at 48.29%.
At the time of writing, Bitcoin was down by 0.78% to $41,115.0. A mixed start to the day saw Bitcoin rise to an early morning high $41,468.9 before falling to a low $41,105.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin was up by 1.02% at the start of the day to buck the trend.
It was a bearish start for the rest of the majors, however.
At the time of writing, Ripple’s XRP was down by 0.40% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the 38.2% FIB of $41,592 and the $41,629 pivot to bring the first major resistance level at $42,208 into play.
Support from the broader market would be needed for Bitcoin to break back through to $42,000 levels.
Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $42,398.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $43,500 before any pullback. The second major resistance level sits at $42,976.
Failure to move through the 38.2% FIB and the $41,629 pivot would bring the first major support level at $40,861 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$40,000 levels. The second major support level at $40,282 should limit the downside.