Bitcoin and the overall broader market saw bearish actions early today. Technical indicators depict a breakout as Bitcoin bulls target the $55,000 price mark.
Bitcoin and the alternative tokens witness a trial morning following bullishness on Tuesday. While writing this article, Bitcoin (BTC-USD) trades at $51,473 after a slight loss of 0.07%. Mixed early sessions had BTC rising to a morning peak of $51,830 before reversing.
However, the failure to overcome the resistance zone at $52,598 had the flagship crypto sliding to $50,438, its late morning low. BTC secured support around the 23.6% Fibonacci at $50,438. That was after avoiding its initial critical support at $49,741.
Other Crypto Assets
The overall crypto spectrum had mixed early sessions today, Wednesday. Chainlink (-5.99%) and Polkadot (-5.39%) led the day’s losers. Other alts that struggled are BNB (-4.61%), ADA (-4.19%), ETH (-3.67%), LTC (-3.68%) and XRP (-4.56%). Meanwhile, Bitcoin Cash dropped slightly by 2.35%.
The overall crypto market capitalization increased to a morning peak of $2.237 trillion before sinking to a $2.151 trillion low. While publishing this content, the overall market cap stands around $2.187 trillion. Meanwhile, Bitcoin’s market dominance declined to a morning low of 43.34% before climbing to 44.37%. At this writing, the world’s dominant cryptocurrency stands at 44.32%.
The Afternoon Ahead
Bitcoin had to avoid breaching the pivot at $50,830 to test the initial crucial resistance located at the $52,000 price mark. However, the $53,000 resistance will prevent BTC from surging high with exhausted bullish moves.
Meanwhile, continuous rally during the afternoon session might see BTC retesting the resistance at $55,000. The 2nd critical resistance is at $53,689. On the other hand, falling through the pivot near $50,832 will see Bitcoin hitting 23.6% Fibonacci of $50,473 before touching the $49,741 support area.
However, BTC will avoid the support at sub-$49,000 without an extended plunge in the afternoon. For now, BTC has its 2nd crucial support at $47,975. Besides the resistance and support levels, the 50 EMA moves away from the 100 EMA and the 200 EMA during early sessions.
With its current momentum, BTC bulls appear prepared to take the leading digital token towards $55K. Is that possible? Feel free to comment in the section below.