Friday, December 8, 2023

The Bitcoin (BTC) bulls need to break through resistance at $48,500.

On Sunday, there was a fall of 0.35% in BTC to the US dollar. This fall was a partial reversal of the earlier gain on Saturday of 1.54%. Overall, BTC finished the week with a fall of 6.81%, settling at $46,704.

BTC had a bearish start to the day. There was, early in the morning, a fall to an intraday low of $46,458. However, it soon rose early in the afternoon to an intraday high of $48,364. Later, BTC breached the resistance level of $47,730 and then fell back to below $47,000.

Despite the recent pullback to $41,000 levels, for the near term, the bullish trend was maintained. For a near-term bearish trend, BTC will need to fall past $28,814, which is the 62% FIB.

The state of the others

The other majors had mixed results. Litecoin, Cardano’s ADA, and Ripple’s XRP witnessed a rise. For the other majors – Chainlink, BTC cash SV, Coin, Polkadot, etc., it was a struggle, and they had a bearish end.

Binance Coin and ETH faced modest losses. During the week, the crypto market as a whole fell to $2,054 billion and then rose to $2,303 billion. The market cap ended up at $2,179 billion. BTC’s dominance rose to a high of 42.25 % before falling to a low of 40.21% and finally settling at 40.39%.

This morning, BTC fell by 0.22% to $46,599. BTC did not test the major support and resistance levels. For the rest of the majors, it was a bearish start.

Looking ahead, BTC will need to move past $47,175 to the first resistance level at $47,893. If BTC is to break $47,500 levels, it will need wider support from the market. The upside cap is likely to be at $48,500. BTC would require considerable support to break the high of $48,364 and the level of $48,500.

Unless there is an extended BTC sell-off, BTC will stay above $45,000 levels.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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