By Franklin Smith
After mixed sessions for top cryptocurrencies on Saturday, Bitcoin should keep away the sub-$61,000 zone to support the broad market.
Bitcoin
BTC-USD increased by 0.98% yesterday. With Friday’s 2.40% plunge, the leading crypto by market cap ended the day hovering at $61,302. Meanwhile, mixed trading movements earlier had BTC falling to an intraday low of $59,755 before further actions.
Bitcoin climbed to $61,764 during mid-day sessions after staying away from the initial massive support at $59,236. However, failure to overpower the first resistance at $62,952 had BTC plunging again towards sub-$61,000.
The crypto secured late support and surged from the $61,000 price level, ending Saturday in a positive region. Nevertheless, BTC retained its short-term bullish outlook, confirmed by the coin’s latest move to $66,000. Meanwhile, Bitcoin will have to see a continuous plunge towards 62% Fibonacci of $27,237 to confirm short-term bearishness.
Other Coins
Most alternative coins printed bullish moves on Saturday. Chainlink led the way with 9.58%. Litecoin (+2.84), Ethereum (+4.95%), and Crypto.com Coin (+2.78%) also found strong support. BNB (+1.35%), BCH (+1.24%), ADA (+0.55%), DOT (+0.04%) and XRP (+0.47%) followed with modest upsurge.
This week, the global crypto market declined to a $2.386 trillion low on Monday before climbing to $2.741 trillion on Thursday. While writing this content, the overall cryptocurrency market capitalization is at $2.578 trillion. On the other hand, BTC’s dominance increased to 47.72% high on Wednesday before dropping to 44.75% on Saturday. While publishing this content, Bitcoin’s market dominance is at 44.80%.
Today Morning
While publishing this article, Bitcoin trades 0.07% low towards $61,250. Mixed sessions today morning saw BTC rising to $61,476 before plunging towards $61,208. The world’s largest cryptocurrency did not test its resistance and support early on.
Elsewhere, the crypto spectrum recorded mixed movements early today. LTC (+0.26%), DOT (+0.29%), Crypto.com Coin (+0.89%), and XRP (+0.03%) kept the red territory away. Other majors recorded bearishness on Sunday morning. While writing this content, Chainlink declined by 0.37%, leading to the losers.
Bitcoin’s Day Ahead
BTC should keep away the pivot at $60,940 to test the initial critical resistance located at $62,126. The coin will depend on the overall market mood to overpower Saturday’s peak at $61,740. Excluding a broad-based cryptocurrency rally, the initial resistance might prevent further surges.