After the somewhat bearishness during Saturday sessions, Bitcoin should return to $62,000 to support bullishness in the day ahead.
BTC/USD declined by 1.33% during Saturday’s sessions to partially reverse the 7.55% upsurge from Friday. Bitcoin ended yesterday at $60,868. However, unpredictable movements saw Bitcoin attaining an intraday peak of $62,333 before retracing.
The failure to overpower the initial crucial resistance area at $64,093 had BTC declining to hit an afternoon low of $60,171. Meanwhile, Bitcoin managed to revisit $61,000 after keeping away the vital support zone at $58,074.
Bitcoin retained its short-term trend, supported by its recent return to the $62,000 mark. For bears to dominate, Bitcoin will require a continuous plunge towards the 62% Fibonacci of $27,237. That would result in a short-term bearish trend.
Most top cryptos sustained mixed actions on Saturday. Chainlink (+0.93%) and Crypto.com Coin (+3.84%) noted considerable upticks. Other assets recorded bearish actions. Polkadot dropped 2.27% to lead the losers. Other alts that struggled are BNB (-1.82%), ADA (-1.88%). BCH (-0.17%), ETH (-1.04%), and XRP (-0.80%) also recorded modest plummets.
Over the week, the overall crypto market value dropped to $2.21 trillion on Tuesday before climbing to a $2.606 trillion high on Friday. While writing this content, the global market capitalization stands at $2.469 trillion. On the other hand, BTC’s dominance plunged to 44.43% on Thursday before rising to 46.64% on Saturday. At this publication, Bitcoin’s dominance is at 46.42%.
While writing these lines, Bitcoin trades around $60,846 after losing 0.04%. Mixed price reactions during early sessions had BTC surging to a morning high of $60,920 before declining to $60,651. Bitcoin did not test its crucial resistance and support levels. Elsewhere, the market recorded a bearish movement in the morning. Crypto.com Coin led the downward moves with a 1.20% loss.
Bitcoin’s Day Ahead
Bitcoin has to move above the $61,124 level to test its initial massive resistance zone at $62,077. Broad market backing is essential for BTC to rise past $61,500. Saturday’s peak of $62,333 will prevent further upsurges without an overall market rally. If the leading cryptocurrency maintains its uptrends, it can challenge the 2021 April record high at $64,829.
Stay tuned for more updates.