At the time of writing, Bitcoin, BTC to USD, was up by 3.48% to $39,731.4. Through the early hours, UTC, Bitcoin fell to a current day low $37,851.6 before striking a late morning high $40,884.0.
Steering clear of the first major support level at $36,625, Bitcoin broke through the first major resistance level at $40,000 to test resistance at $41,000.
Bitcoin came up short of the 38.2% FIB of $41,592 and the second major resistance level at $41,602, however.
The Rest of the Pack
Across the rest of the majors, it has been a bullish morning.
Through the early hours, the crypto total market fell to an early morning low $1,610bn before rising to a high $1,761bn. At the time of writing, the total market cap stood at $1,711bn.
Bitcoin’s dominance rose to an early high 44.05% before falling to a low 43.26%. At the time of writing, Bitcoin’s dominance stood at 43.46%.
For the Day Ahead
Bitcoin would need to avoid a fall back through the $38,227 pivot to support another run at the 38.2% FIB of $41,592.
Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $40,884.0.
Barring an extended rally through the early afternoon, resistance at $41,000 would likely continue to limit the upside.
A move back through the $40,500 levels, however, would bring the 38.2% FIB of $41,592 and the second major resistance level at $41,602 back into play.
Looking beyond the support and resistance levels, we saw the 50 EMA break back through the 100 EMA delivering the markets with a bullish signal this morning…
A fall back through the $38,227 pivot would bring the first major support level at $36,625 into play.
Barring another extended sell-off throughout the afternoon, Bitcoin should steer clear of sub-$35,000 levels. The second major support level sits at $34,853.