Bitcoin’s highest value in dollars, BTC/USD, fell by 1.05 percent on Saturday. Bitcoin closed the day at $47,649.0, consolidating Friday’s 9.86 percent gain.
After a volatile start to the day, Bitcoin fell to an intraday low of $47,438.0 in the early morning before making a rise.
Bitcoin soared to an intraday high of $48,350.0 in the early afternoon, far above the first major support barrier around $44,820.
Bitcoin, however, fell short of the first significant resistance level at $49,973, falling below $48,000 and into the red.
The near-term positive trend stayed intact, which aided in the recent comeback to levels below $48,000. To establish a near-term bearish trend, Bitcoin’s bears would require a persistent decline below the 62 percent FIB level of $27,237.
The Balance of the Pack
Saturday was a mixed bag for the rest of the majors.
Crypto.com Coin surged 3.81 percent to take the lead.
On the day, support was discovered for Binance Coin (+1.36 percent ), Chainlink (+2.46 percent ), Ethereum (+2.31 percent ), Litecoin (+1.65 percent ), and Polkadot (+1.31 percent ).
However, it was a bearish day for the rest of the majors.
Bitcoin Cash SV (-0.76 percent), Cardano’s ADA (-0.40 percent), and Ripple’s XRP (-0.37 percent) all fell in the same direction as Bitcoin.
The overall market value of cryptocurrency plummeted to $1,808 billion on Wednesday before recovering to a high of $2,190 billion on Saturday. At the time of writing, the market capitalization was at $2,137 billion.
Bitcoin’s dominance plummeted to a low of 41.77 percent on Thursday before recovering to a high of 42.65 percent on Saturday. At the time of writing, Bitcoin has a 42.11 percent market share.
Bitcoin was up 0.24 percent to $47,762.0 at the time of writing. Bitcoin experienced a rocky start to the day, falling to an early morning low of $47,632.0 before rebounding to a high of $47,789.0.
Bitcoin’s major support and resistance levels remained untested in the early stages.
Elsewhere, the day began with a mixed bag.
Crypto.com Coin bucked the trend in the early going, losing 0.99 percent.
However, the rest of the majors got off to a bullish start.
Binance Coin was up 0.91 percent at the time of writing to take the lead.
Bitcoin would need to break past the $47,812 pivot to reach the first big resistance mark at $48,187.
Bitcoin would require broad market support to reclaim the $48,000 level.
Unless a broad-based crypto rally occurs, the first significant resistance level and Saturday’s high of $48,350.0 are likely to act as a ceiling on the upside.
Bitcoin might test resistance at the 23.6 percent FIB level of $50,473 before any reversal in the case of a broad-based crypto rise. On the other hand, Bitcoin would require significant support to break over the third key barrier level at $49,686. The second significant resistance level is located at $48,724.
If the $47,812 level is not breached, the first major support level at $47,275 becomes active.
Unless another major sell-off occurs during the day, Bitcoin should avoid falling below $47,000. The second significant support level is $46,900.