It’s been a bearish morning for Bitcoin and the broader market. A Bitcoin move through to $58,000 levels, however, would bring $60,000 into play and signal a broad-based crypto rally.
After a mixed start to the week for Bitcoin and the broader market on Monday, it’s been a broadly bearish morning…
At the time of writing, Bitcoin, BTC to USD, was down by 0.33% to $57,300.0.
A mixed start to the day saw Bitcoin fall to an early morning low $56,440.0 before making a move.
Steering clear of the first major support level at $55,339, Bitcoin rose to a mid-morning high $57,661.0.
Falling short of the first major resistance level at $58,730, however, Bitcoin eased back to sub-$57,500 levels and into the red.
The Rest of the Pack
It has been a bearish morning.
At the time of writing, Bitcoin Cash SV and Crypto.com Coin were down by 4.12% and by 4.39% respectively to lead the way down.
Chainlink (-3.80%), Litecoin (-3.14%), and Ripple’s XRP (-3.50%) also struggled.
Binance Coin (-2.46%), Cardano’s ADA (-2.78%), Ethereum (-1.87%), and Polkadot (-2.49%) saw relatively modest losses, however.
Through the early hours, the crypto total market cap rose to an early morning high $2,357bn before falling to a low $2,301bn. At the time of writing, the total market cap stood at $2,327bn.
Bitcoin’s dominance fell to an early morning low 45.91% before rising to a high 46.38%. At the time of writing, Bitcoin’s dominance stood at 46.36%.
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For the Afternoon Ahead
Bitcoin would need to avoid a fall back through the $56,580 pivot to bring the first major resistance level at $58,730 into play.
Support from the broader market will be needed, however, for Bitcoin to break out from the morning high $57,661.0.
Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.
In the event of another extended rally through the afternoon, Bitcoin could test resistance at the $60,000 levels before any pullback. The second major resistance level sits at $59,971.
A fall back through the $56,580 pivot would bring the first major support level at $55,339 into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$55,000 support levels. The second major support level sits at $53,189.
Looking beyond the support and resistance levels, we saw the 50 EMA pull further away from the 100 and 200 EMAs through the late morning.
We also saw the 100 EMA pull away from the 200 EMA delivering further support.
Through the 2nd half of the day, a further widening of the 50 EMA from the 100 would bring $60,000 levels and beyond into play.
Key through the late morning and early afternoon, however, would be to avoid a fall back through $56,580 pivot.