After unpredictable actions by top cryptocurrencies on Saturday, Bitcoin returning to $50K would support a broader market breakout.
BTC-USD saw its value increase by 2.14% yesterday. That had the flagship crypto reversing Friday’s 1.02% plunge, ending the day near $48,308. However, mixed early sessions on Saturday saw Bitcoin dropping to an intraday low of $47.066 before reacting.
Keeping away the initial support zone at $46,650 had BTC surging to mid-morning highs at $48,819. With that, the coin overpowered its first critical resistance zone at $48,062. However, Bitcoin declined again towards sub-$48,000 before securing support after the encounter with the 2nd massive resistance at $48,829.
Later on, Bitcoin conquered the first crucial resistance area to conclude its day’s movements at $48,300. Nevertheless, the short-term bullish outlook remained intact regardless of the recent fall to $43,000. For bears to dominate the market, BTC has to endure a continuous plunge towards 62% Fibonacci of $27,237. That would result in a short-term bearishness trend.
The top cryptos saw mixes sessions on Saturday. Crypto.com Coin lost 0.03%, canceling its upside trend. However, other top assets registered bullish movements. Polkadot led the upside trend after gaining 3.41%. Also, LINK (+2.58) secured strong support. Altcoins that witnessed modest gains on Saturday are BNB (+1.07%), ADA (+0.97%), ETH (+1.07), LTC (+0.77%), and XRP (+0.84%).
This week had the overall crypto market value plunging to 1.957 trillion on Monday before surging to $2.245 trillion on Thursday. While writing this content, the global market cap hovers at $2.176 trillion. On the other hand, BTC’s dominance declined to a 40.36% low on Monday before climbing to 42.30% on Friday. While publishing this content, Bitcoin has its market dominance at 41.77%.
At this publication, Bitcoin trades at $48,314 after gaining 0.01%. However, morning price actions saw BTC plunging to $48,251 low before the asset rose towards the $48,370 highs. Elsewhere, digital tokens printed mixed reactions. BCH joined Bitcoin high with a 0.57% ascent. Meanwhile, other alts recorded bearishness, Crypto.com Coin leading the losers with a 1.12% plunge.
Bitcoin’s Day Ahead
For now, Bitcoin needs to avoid the pivot at $48,064 to test its initial resistance at $49,063. If the incoming sessions see upside catalysts, BTC will overpower the $49,000 levels. Meanwhile, the initial resistance level might prevent upsurges if Bitcoin lacks overall market support.
With broad market support, BTC might test the resistance around 23.6% before retracing. The 2nd crucial resistance sits near $49,817.