February 23, 2024

Bitcoin (BTC): A Move Past $48.5K Will Open Path to $50K

After yesterday’s correction, Bitcoin needs a move beyond $48,500 to support bullishness today.

Let us explore this Bitcoin’s technical analysis. We will check the coin’s movement yesterday and today’s Fibonacci’s, pivot levels, support, and resistance. Moreover, we will analyze broad market price actions and vital crypto market drivers.

BTC Yesterday

BTC/USD declined by 2.53% during Thursday’s trading sessions. That way, the bellwether coin reversed 1.05% gains from the day prior, ending yesterday at $47,666. Nevertheless, a mixed start on the day had BTC rising to a late morning peak of 449,481 before reverses emerged. Bitcoin failed to challenge the first crucial resistance at $50,081 and slid to a low of $47,543.

However, keeping the first critical support zone at $47,161 away saw BTC revisiting the $48,000 mark before pulling back. Meanwhile, the short-term bullish sentiment remained unchanged regardless of the latest correcting towards $42,000. BTC bears would require a continuous plunge to levels of 62% Fibo of $28,815 for a short-term bearish dominance.

Other Digital Assets

Assets in the crypto environment printed mixed sessions since yesterday. Crypto.com Coin gained 8.96%, bucking the day’s trend. However, other assets sustained bearishness. ADA led the downward way with a 5.48% drop. BCH (-3.8%), LINK (-4.8%) and LTC (-3.14%) also struggled.

Other alts with modest losses include BNB (-2.8%), ETH (-1.59%), DOT (-1.71%0, and XRP (-2.62%).

The current week had the crypto overall market cap dropping to $2.049 trillion on Monday before hitting Thursday’s high of $2.304 trillion. While publishing this content, the global market capitalization hovered at 42.204 trillion. On the other part, BTC’s dominance rose on Wednesday to 42.27 before declining to a 40.58% low on Thursday. While writing these lines, the leading crypto has its market dominance at 41.01.

Friday Morning

While publishing this analysis, BTC wavered at $47,842 after a 0.37% gain. Unpredictable sessions early on witnessed BTC falling to $47,440 morning low before climbing towards the $47,920 highs. BTC didn’t test its crucial resistance and support levels.

Other assets recorded mixed price actions early today. Polkadot and Crypto.com Coin bucked the early trend, dropping 0.24% and 3.66%, respectively. Meanwhile, Cardano leads the upward journey, gaining 0.56% on the day.

Meanwhile, BTC needs a move past $48,229 to explore the vital value area of $50,000. The crypto will have to battle with several obstacles for steady upswings.

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