After Thursday’s downswings, Bitcoin has to overcome the $49,500 obstacles to restore investors’ confidence.
BTC-USD has had its value declining by 4.39% during Thursday’s sessions as the dominant crypto reversed the 2.76 % surges of Wednesday, ending the day near $46,840. Early yesterday, mixed actions had BTC climbing towards $49,385 intraday highs before reverse.
As the leading coin failed to overpower the initial resistance zone near $49,784, BTC struggled with $46,310 mid-day intraday lows. Ugly sentiments had BTC violating its first critical support at $47,672 and the 2nd one at $46,352.
However, BTC gained some moment to revisit $47,000 before price reversals. Though with such actions, Bitcoin retained its short-term bullishness, confirmed by its recent visit to $50,000. For bearishness to dominate, the leading crypto will require a continuous plunge beneath the 62% Fibonacci at $27,237. That would translate to short-term bearishness.
Thursday saw most top coins trading in a bearish trend. ADA (-7.71%), LINK (-8.30%), and XRP (-8.62%) led the losers. Other digital coins that struggled are BNB (-5.04%), BCH (-4.04%), and LTC (-5.70%). Meanwhile, DOT (-3.77%), Cryptto.com Coin (-3.05%) registered modest plummets.
The recent positivity had the overall market value rising to $2.17 Trillion on Monday before dropping to $1.93 Trillion on Thursday. While publishing this content, the crypto market value stands at $1.98 Trillion.
On the other side, BTC’s dominance declined on Tuesday to 43.64% before climbing to 44.98% on Thursday. While writing this article, Bitcoin’s dominance hovers at 44.64%.
For now, BTC trades at $47,144 after surging 0.65%. Meanwhile, unpredictable moves at the start of the day witness the leading coin falling to $46,363 morning low before climbing to $47,646. The crypto didn’t test its critical resistance and support levels.
Other assets saw mixed market reactions. Chainlink (-0.20%) and Crypto.com Coin (-0.25%) followed their earlier plunging trends. Meanwhile, some tokens registered bullishness in the morning. Polkadot led the pack with a 1.78% uptick.
BTC’s Day Ahead
Bitcoin has to overcome the pivot at $47,512 to test the $48,713 resistance zone. If the coming sessions see bulls dominating, the leading virtual token will conquer the $48,500 price levels. Without an extended market rally, the $49,000 resistance will prevent surges.
Meanwhile, a bullish outlook will take BTC high towards the resistance at $50,473, 23.6% Fibonacci. That way, BTC will have the 2nd resistance at $50,587.
Stay tuned for recent updates.