Bitcoin (BTC) Struggles at $50.5K; A Move Past $51.5K Would Trigger Breakout

After Tuesday’s mixed sessions, Bitcoin requires a move past $51,500 to expose levels past $53,000.

In this Bitcoin’s technical analysis, we will evaluate price actions from yesterday and today, Fibonacci’s, pivot levels, resistance, and support. Moreover, we will explore the global market moves and any vital market drivers.

Bitcoin’s Yesterday Price Moves

Bitcoin (BTC/USD) surged 0.26% yesterday. With Monday’s 2.10% increase, the leading crypto ended Tuesday at $50,634. After the somewhat bullish moves early on the morning, BTC climbed towards a mid-afternoon intraday peak of $51,970 before reversing. However, the digital currency failed to overcome the first critical resistance at $51,945, dipping to its late low of $50,095.

As Bitcoin kept the $48,124 support floor away, its secured late support, ending the day hovering near $50,600. Meanwhile, the short-term outlook remained intact despite the recent fall to $42,000 value areas. Bears have to trigger an uncontrolled decline beneath 62% Fibonacci of $28,814, forming a short-term bearish trend.

Other Cryptocurrencies

Top digital currencies presented a mixed session on Tuesday. Coin led the way with a 19.90% gain. BTC (+5.95), LINK (+6.18), and DOT (+8.12%) also secured massive supports. LTC (+0.24%) is also the upward party. Meanwhile, other top coins witnessed bearishness. ADA dropped 3.02% to lead the ‘losers.’ Other altcoins that struggled are BNB (-1.61%), ETH (-1.01%), and XRP (-1.26%).

Early on, the global crypto market value plummeted on Monday to $2.124 trillion before climbing towards $2.416, Tuesday’s high. While publishing this content, the overall market capitalization stands at $2.310 trillion. On the other hand, BTC’s dominance increased on Monday to 41.96% before hitting a Tuesday low of 40.65%. At this publication, Bitcoin has its market dominance at 41.22%.

While writing these lines, BTC was 0.49% down at $50,386. However, mixed sessions earlier on had Bitcoin at $50,700 before retracing to $50,386. The bellwether digital coins did not test its crucial resistance and support levels. Meanwhile, Coin saw bearishness, losing 6.63%.

Bitcoin’s Day Ahead

Bitcoin requires a move past $50,900 to test the first resistance at $51,704. However, BTC needs strength to conquer the hurdle at $51,500. A weak rally will see Bitcoin challenged by Tuesday’s high at $51,970.

Extended rally in the crypto marketplace will have BTC testing 23.6% Fibonacci of $53,628 before cooling. The 2nd crucial resistance sits near $52,775. Failure to overcome $50,900 will expose first support at $49,829. The second critical support is around $49,025.

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