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, crypto.com 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.