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Market watch: Bitcoin near-term bullish trend remains intact

Market watch: Bitcoin near-term bullish trend remains intact

Last updated 19th Jan 2022

Bitcoin gained almost 2% on Saturday, partially reversing its 9% loss from Friday. It ended the day at $54,791. It rose to an intraday high of $55,329, steering clear of major support levels and the 23.6% FIB, FX Empire wrote.

It dropped back to just over $54,000, falling short of the first major resistance level at $57,533, however. Near the end of the day, it found support to close at $54,700 levels.

Despite recent losses, the near-term bullish trend remains intact. It would need a sustained drop through the 62% FIB to form a near-term bearish trend.

Mixed market for other top 10 coins

Saturday was mixed for the rest of the majors. Crypto.com’s CRO gained almost 11% to lead the way. There was strong support for Binance Coin too. Other gainers were Cardano (+0.73%), Bitcoin SV (+0.32%), Chainlink (+0.60%), Ethereum (+1.35%), and XRP (+0.61%). Polkadot and Litecoin lost less than 1%.

Over the past week, the crypto market peaked at $2.69 billion on Thursday, then declined to $2.3 billion on Friday.

Bitcoin’s dominance reached a Friday high of 43% after dropping to a low of 41.75% the previous day.

This morning, Bitcoin was down by just under 1% to $54,276. It was a mixed start to the day, which saw the flagship crypto rise to a high of $54,875 before dropping to $54,244. It left the major support and resistance levels untested early on.

Sunday bearish for most majors

Most majors saw losses this morning. CRO led the way down today, losing 7.23% of its value. To bring the first major resistance level at $55,510 into play, Bitcoin would need to move back through the $54,610 pivot according to FX Empire. The king of crypto can’t break out from Friday’s high of $55,329 without support from the broader market.

First resistance level to cap upside

Unless we see a sustained crypto rally, the first major resistance level would likely cap the upside. If there is a rally, Bitcoin could test resistance at $58,000 levels before easing back. The second major resistance level is $56,228.

We will see the first major support level at $53,892 and the 23.6% FIB of $53,628 if Bitcoin fails to move back through the $54,610 pivot. Unless Sunday sees an extended sell-off, Bitcoin is not expected to drop below $50,000 levels. The downside should be limited by the second major support level at just under $53,000.  

Daniela Kirova

Daniela Kirova

Daniela is a writer at Bankless Times, covering the latest news on the cryptocurrency market and blockchain industry. She has over 15 years of experience as a writer, having ghostwritten for several online publications in the financial sector.