Member-only story
A Bitcoin (BTC) price drop below $48,500 would bring the elusive $50,000 back into play.
Following Thursday’s drop, a Bitcoin (BTC) return above $48,500 levels would support a positive day ahead.
This is the Bitcoin technical analysis (BTC). We will be looking at the previous day’s moves as well as today’s support, resistance, pivot levels, and Fibonacci’s. In addition, we will consider the previous day’s market movements as well as any major market factors.
Bitcoin’s Day Prior Moves
On Thursday, Bitcoin BTC to USD decreased by 2.53 percent. Bitcoin concluded the day at $47,665, reversing a 1.05 percent gain from Wednesday.
Following a mixed start to the day, Bitcoin rose to a late morning intraday high of $49,480 before reversing. Bitcoin fell to a late intraday low of $47,543, falling shy of the first significant resistance mark at $50,081.
However, after avoiding the first significant support level at $47,161, Bitcoin returned to $48,000 levels before easing back.
Despite the recent retreat to $41,000 levels, the near-term bullish trend has stayed intact. To develop a near-term negative trend, Bitcoin would need to fall through the 62 percent FIB of $28,814 on a consistent basis.
