After a bullish start to the week for Bitcoin, it’s been a bullish Tuesday morning for Bitcoin and the broader market.
At the time of writing, Bitcoin, BTC to USD, was up by 1.41% to $49,947.9.
A mixed start to the day saw Bitcoin fall to an early morning low $49,065.0 before making a move.
Steering clear of the first major support level at $47,598, Bitcoin rallied to a late morning high $50,350.1.
Bitcoin broke through the first major resistance level at $50,204 before easing back to sub-$50,000.
The Rest of the Pack
It has also been a bullish morning.
Bitcoin Cash SV (+0.85%) and Polkadot (+1.04%) trailed the front runners, however.
Through the early hours, the crypto total market cap fell to an early morning low $2,156bn before rising to a high $2,213bn. At the time of writing, the total market cap stood at $2,200bn.
Bitcoin’s dominance fell to a mid-morning low 42.76% before rising to a high 43.03%. At the time of writing, Bitcoin’s dominance stood at 42.83%.
For the Afternoon Ahead
Bitcoin would need to avoid the $48,551 pivot to bring the first major resistance level at $50,204 back into play.
Support from the broader market will be needed, however, for Bitcoin to break back through to $50,000 levels.
Barring a broad-based crypto rebound, the 23.6% FIB of $50,473 would likely cap any upside.
In the event of an extended rally through the afternoon, Bitcoin could test resistance at the $53,000 levels before any pullback. The second major resistance level sits at $51,157.
A fall through the $48,551 pivot would bring the first major support level at $47,598 into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$46,500 support levels. The second major support level sits at $45,945.
Looking beyond the support and resistance levels, we saw the 50 EMA pull away from the 100 and 200 EMAs through the morning.
We also saw the 100 EMA pull away from the 200 EMA providing further support.
Through the 2nd half of the day, a further widening of the 50 EMA from the 100 would bring $52,000 levels into play.
Key through the late morning and early afternoon, however, would be to avoid the $48,551 pivot.