This is the tech analysis for Bitcoin (BTC). We will be looking at movements from the day prior and today’s support, resistance, pivot levels, and Fibonacci’s. Additionally, we will look at the broader market moves on the day prior and any key market drivers.
Bitcoin’s Day Prior Moves
Bitcoin, BTC to USD, rose by 4.73% on Saturday. Reversing a 0.82% loss from Friday, Bitcoin ended the day at $49,426.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $46,872 before making a move. Steering clear of the first major support level at $46,102, Bitcoin rose to a late intraday high $49,522.
Bitcoin broke through the first major resistance level at $49,263 to wrap up the day at $49,400 levels.
The near-term bullish trend remained intact, in spite of the latest pullback to $41,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.