Member-only story
Bitcoin (BTC) Finds Support, but Indicators Suggest It Could Be Temporary
Following Saturday’s support, a Bitcoin (BTC) rise back beyond $48,000 levels would be beneficial to the larger crypto market.
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. Please check the bottom of the page for a complete video tech analysis, including an examination of the EMAs.
Bitcoin’s Day-Ahead Movements
On Saturday, Bitcoin BTC to USD increased by 1.54 percent. Bitcoin finished the day at $46,873, somewhat correcting a 3.10 percent drop from Friday.
After a gloomy start to the day, Bitcoin fell to an intraday low of $45,523 in the early morning. Bitcoin soared to a late morning intraday high of $47,483 after avoiding the first major support barrier at $45,134. However, after falling short of the first major resistance level at $46,633, Bitcoin dropped to sub-$46,500 levels before regaining support.
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…
