Bitcoin Bulls Back in Action, Targeting $53K Return

Bitcoin sees bullishness today as the crypto managed to revisit the psychological price level at $50,000. Conquering the 23.6% Fibonacci will have BTC bulls exploring the $53,000 price levels.

The overall crypto market appears to extend Wednesday’s bullishness today. That had Bitcoin and most alts trading higher on Thursday. While writing this content, BTC-USD gained 2.28% to hover at $49,937.

Meanwhile, unpredictable Thursday early sessions had BTC falling to intraday lows of $48,631 before moving. As the cryptocurrency kept its initial support at $47,229 away, it managed to rally towards a late morning high at $50,350.

Bitcoin cracked the $49,778 initial resistance for a revisit to $50,000. Remember, the leading coin has traded below this price since 23 August. However, the coin slipped to sub-$50,000 levels after failing to overpower the 23.6% Fibonacci of $50,473.

Other Cryptos

The broader cryptocurrency market has seen unpredictable moves early today. While publishing this content, DOT declined by 4% to lead the losers. Also, ETH lost 2.11% to buck its early morning trend.

Meanwhile, the rest of the pack saw bullishness today. ADA (+6.06%) and Crypto.com Coin (+5.46%) led today’s gainers. Others trailed at LTC (+3.02%), XRP (+3.10%). LINK (+0.04%), BCH (+0.61%) and BNB (+0.17%) posted modest gains.

The overall crypto market capitalization declined to $2.185 trillion before climbing to $2.234 trillion highs. While writing this article, the total market capitalization hovers around $2.228 trillion. On the other hand, alts upward moves had BTC’s dominance dropping to 41.7% before rising towards 42.39%. At this publication, the world’s best crypto has its market dominance at 42.15%.

What Holds The Day Ahead?

Bitcoin has to keep its initial resistance at $49,778 away to clear the way to the 2nd resistance at $50,733. Meanwhile, the token will depend on the broader market surge to overpower 23.6% Fibonacci of $50,473.

Without continuous crypto rally today, the second critical resistance will cap BTC’s ascent. However, an extended market rally will have BTC hitting the $53,000 target before pullbacks can surface. The 3rd crucial resistance lies at $53,282.

Failure to overcome the initial resistance and the pivot at $48,184 will have the asset at the immediate support of around $47,229. Beyond the resistance and support levels, BTC showed bullish crosses early today. That supports the crypto’s rises towards the targeted highs.

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