Bitcoin, BTC to USD, rose by 1.24% on Sunday. Partially reversing a 1.05% loss from Saturday, Bitcoin ended the week up by 11.70% to $48,242.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $47,120.0 before making a move.
Bitcoin fell through the first major support level at $47,275 before rallying to a late afternoon intraday high $49,196.0.
The rally saw Bitcoin break through the first major resistance level at $48,187 and the second major resistance level at $48,724.
Falling short of the third major resistance level at $49,636, Bitcoin slid back through the resistance levels to sub-$48,000 levels.
Finding late support, however, Bitcoin broke back through the first major resistance level to end the day at $48,200 levels.
The near-term bullish trend remained intact, supported the latest return to $49,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Sunday.
Polkadot (-0.95%) saw red to buck the trend on the day.
It was a bullish day for the rest of the majors, however.
Bitcoin Cash SV rallied by 4.40% to lead the way.
It was also a mixed week ending 3rd October for the crypto majors.
Polkadot fell by 0.33% to buck the trend.
It was a bullish week for the rest of the majors, however.
Binance Coin rallied by 25.07% to lead the way.
Bitcoin Cash SV (+11.90%), Chainlink (+12.04%), Crypto.com Coin (+12.42%), Ethereum (+11.74%), Litecoin (+13.22%), and Ripple’s XRP (+11.74%) also found strong support.
Cardano’s ADA (+1.99%) trailed the front runners, however.
In the week, the crypto total market fell to a Wednesday low $1,808bn before rising to a Sunday high $2,203bn. At the time of writing, the total market cap stood at $2,151bn.
Bitcoin’s dominance fell to a Friday low 41.29% before rising to a Saturday high 42.81%. At the time of writing, Bitcoin’s dominance stood at 42.14%.
At the time of writing, Bitcoin was down by 0.22% to $48,138.0. A mixed start to the day saw Bitcoin rise to an early morning high $48,289.0 before falling to a low $48,019.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin bucked the early trend, rising by 0.38%
It was a bearish start for the rest of the majors, however.
At the time of writing, Chainlink was down by 0.79% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the $48,186 pivot to bring the first major resistance level at $49,252 into play.
Support from the broader market would be needed for Bitcoin to break back through to $49,000 levels.
Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $49,196.0 would likely cap the upside.
In the event of a broad-based crypto rally, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $50,262.
Failure to move back through the $48,186 would bring the first major support level at $47,176 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$47,000. The second major support level sits at $46,110.
This article was originally posted on FX Empire