Bitcoin, BTC to USD, jumped by 9.86% on Friday. Following a 5.52% rally on Thursday, Bitcoin ended the day at $48,151.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $43,311.0 before making a move.
Steering clear of the first major support level at $42,134, Bitcoin rallied to a late intraday high $48,464.0.
The rally saw Bitcoin break through the first major resistance level at $44,824 and the second major resistance level at $45,818
Coming up against the third major resistance level at $48,508, however, Bitcoin eased back to end the day at sub-$48,200 levels.
The near-term bullish trend remained intact, supported the latest return to sub-$48,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a bullish day on Friday.
Ethereum jumped by 10.33% to lead the way.
Cardano’s ADA ( 6.72) and Polkadot ( 1.62%) trailed the front runners, however.
In the current week, the crypto total market fell to a Wednesday low $1,808bn before rising to a Friday high $2,160bn. At the time of writing, the total market cap stood at $2,107bn.
Bitcoin’s dominance fell to a Thursday low 41.77% before rising to a Friday high 43.06%. At the time of writing, Bitcoin’s dominance stood at 42.65%.
At the time of writing, Bitcoin was down by 0.76% to $47,784.0. A mixed start to the day saw Bitcoin rise to an early morning high $48,230.0 before falling to a low $47,702.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin bucked the early trend, rising by 0.57%.
It was a bearish start for the rest of the majors, however.
At the time of writing, Binance Coin was down by 1.28% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $46,642 pivot to bring the first major resistance level at $49,973 into play.
Support from the broader market would be needed for Bitcoin to break out from Friday’s high $48,464.0.
Barring a broad-based crypto rally, the first major resistance level and resistance at the 23.6% FIB of $50,473 would likely cap the upside.
In the event of a broad-based crypto rally, Bitcoin could test resistance at $53,000 levels before any pullback. The second major resistance level sits at $51,795.
A fall through the $46,642 would bring the first major support level at $44,820 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$44,000 and the 38.2% FIB of $41,592. The second major support level sits at $41,489.
This article was originally posted on FX Empire