Bitcoin had a mixed start to the day, rising to an early morning high of $63,565.0 before reversing.
Bitcoin plummeted to a mid-morning low of $62,789.0, falling far short of the first significant resistance mark at $64,806 dollars.
Bitcoin soared back to $63,000 levels after avoiding the first key support barrier at $61,176.
The Corporation as a Whole
The remainder of the majors have had a mixed morning.
Throughout the morning, Binance Coin (-0.07%), Chainlink (-0.11%), and Polkadot (-0.49%) defied the larger market trend.
The rest of the majors, on the other hand, have had a bullish morning.
Cardano’s ADA and Ripple’s XRP were leading the way at the time of writing, with increases of 6.29 percent and 6.32 percent, respectively.
Strong support was also recorded for Crypto.com Coin (+3.07 percent) and Litecoin (+3.52 percent).
However, Bitcoin Cash SV (+1.93 percent) and Ethereum (+0.20 percent) lagged behind the leaders.
The crypto total market value dipped to a low of $2,710 billion at mid-morning before rebounding to a high of $2,750 billion. The entire market capitalization was $2,746 billion at the time of writing.
Bitcoin’s dominance peaked at 43.74 percent in the early morning before plummeting to 43.47 percent. Bitcoin’s market share was 43.51 percent at the time of writing.
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For the afternoon, Bitcoin would need to avoid a drop through the pivot of $62,734 in order to reach the first significant resistance levels of $64,806 and $65,000.
However, for Bitcoin to break out from its morning high of $63,565.0, it will require support from the rest of the market.
If a crypto rally does not last long, the first significant hurdle and resistance at $65,000 will likely restrict any further gains.
Before any reversal, Bitcoin might hit resistance above $68,000 in the case of another sustained gain into the afternoon. $66,364 is the second significant barrier level.
If the price falls below the pivot at $62,734, the first significant support level at $61,176 will be tested.
Bitcoin should avoid falling below $60,000 unless there is a sustained sell-off during the afternoon.
$59,104 is the second significant support level.
We watched the 50 EMA break away from the 100 and 200 EMAs this morning, looking beyond the support and resistance levels. The 100 EMA also moved away from the 200 EMA.
A further expansion of the 50 EMA from the 100 and 200 would put $68,000 levels into play in the second part of the day.
Avoiding the $62,734 pivot would be crucial in the late morning and early afternoon.
