Bitcoin (BTC) — A return to $50,000 would pave the way for a run at $53,000.
On Saturday, Bitcoin (BTC) and the larger crypto market gained support. However, downside concerns persist, as Bitcoin (BTC) fell short of $50,000 on the day. A break through to $50,000 would be supportive of a breakthrough.
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 Saturday, Bitcoin BTC to USD increased by 4.73 percent. Bitcoin finished the day at $49,426 after reversing a 0.82 percent loss on Friday.
After a tumultuous start to the day, Bitcoin fell to an intraday low of $46,872 in the early morning before making a move. Bitcoin climbed to a late intraday high of $49,522 after avoiding the first significant support barrier at $46,102.
Bitcoin smashed past the first big resistance level at $49,263 and finished the day at $49,400.
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…
