It’s been a bullish start for Bitcoin and the broader crypto market. After Wednesday’s PBoC driven sell-off, investors reentered the crypto market albeit with some degree of caution.
At the time of writing, Bitcoin, BTC to USD, was up by 8.16% to $39,729.0. Through the early hours, UTC, Bitcoin slid to a current day low $34,985.0 before striking a mid-morning high $40,826.0.
While steering clear of sub-$30,000 levels and the 62% FIB of $27,237, Bitcoin failed to test resistance at the 38.2% FIB of $41,592.
The Rest of the Pack
Across the rest of the majors, it has been a mixed morning on Thursday.
Bitcoin Cash SV was down by 4.77%, at the time of writing, to buck the trend.
It was a bullish start for the rest of the majors, however.
Through the early hours, the crypto total market rose from an early morning low $1,427bn to a high $1,744bn before easing back. At the time of writing, the total market cap stood at $1,682bn.
Bitcoin’s dominance rose to an early high 46.24% before falling to a low 43.49%. At the time of writing, Bitcoin’s dominance stood at 44.14%.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall back through the $36,632 pivot to support a run at the 38.2% FIB of $41,592.
Barring an extended rally through the early afternoon, Bitcoin will likely come up short of the first major resistance level at $43,701.
A move back through the $42,000 levels, however, would bring the 23.6% FIB of $50,473 and the second major resistance level at $50,669 into play.
A fall back through the $36,632 pivot would bring sub-$30,000 levels and the first major support level at $29,664 into play.
Barring another extended sell-off throughout the day, Bitcoin should steer clear of the 62% FIB of $27,237.