Top coins see mixed reactions today following Thursday’s market movements. Bitcoin has to overpower the $48,000 level to return to the $50,000 mark.
Thursday had BTC-USD rising by 4.57%. With Wednesday’s 0.06% surge, BTC traded at $46,765 towards the end of the day. Meanwhile, early sessions yesterday witnessed Bitcoin falling to morning lows of $43,992 before registering price moves.
As Bitcoin utilized $43,998 as its support, it managed to rally to a late high near $47,061. Meanwhile, the dominant crypto managed to break its critical resistance at $45,732 and the following one at $46,743. However, a slight plunge had BTC falling through its 2nd resistance zone before it ended its day around sub-$46,760 zones.
For now, Bitcoin retains its short-term bullish attitude, confirmed by the recent move to $48,000. Bitcoin must undergo an extended drop towards $27,237 at the 62% Fibonacci for bears to dominate. That would translate to a short-term bearish dominance.
Yesterday was a bullish day for most top coins. Cardano led the gainers by a 15.99% surge as Binance Coin increased by 8.78% and XRP followed by a 7.71% uptick. Others that claimed massive supports are LINK (+6.86%), ETH (+5.71%), LTC (+5.48%), and DOT (+6.34%). Crypto.com Coin with +0.51 and Bitcoin Cash gaining +1.94 followed the leaders.
The overall cryptocurrency market had mixed actions over this week. The market rose to $2.06 trillion on Monday before plunging to $1.83 trillion on Wednesday. While writing this article, the crypto market capitalization hovers at $2.01 trillion. Meanwhile, BTC’s dominance dropped to 43.67% on Tuesday before climbing to 45.35% on Wednesday. While writing this content, BTC has its dominance standing at 44.17%.
At this publication, Bitcoin traded at $47,263 after gaining 1.06%. Meanwhile, unpredictable early sessions had BTC falling to $46,647 before climbing to $47,407. Keep in mind that Bitcoin didn’t test its crucial resistance and support zones.
Meanwhile, other cryptos saw mixed sessions. ADA (-0.74%), DOT (-0.42%) and (-0.45%) bucked their previous trends. Meanwhile, some altcoins saw bullish moves early today, Friday. While writing this, Crypto.com Coin led the gainers, surging 3%.
BTC’s Day Ahead
Bitcoin has to keep away the pivot zone at $45,939 to test its initial resistance at $47,887. Meanwhile, broader market backing is critical for the leading crypto to overpower the $47,500 mark. An extended cryptocurrency rally will see BTC testing the $50,000 resistance before any pullbacks surface.
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