After a mixed day for Bitcoin and the broader market on Monday, it’s been a relatively bullish morning for the crypto market.
At the time of writing, Bitcoin, BTC to USD, was up by 3.68% to $63,194.0.
A mixed start to the day saw Bitcoin fall to an early morning low $60,661.0 before making a move.
Steering clear of the first major support level at $59,484, Bitcoin rallied to a late morning current day high $63,658.0.
The morning breakout saw Bitcoin break through the first major resistance level at $62,453 and hold onto $63,000 levels.
The Rest of the Pack
It’s been a mixed morning for the rest of the majors.
Binance Coin (-0.38%) and Polkadot (-1.02%) bucked the broader market trend through the morning.
It has been a bullish morning for the rest of the majors, however.
Through the early hours, the crypto total market cap fell to an early morning low $2,594bn before rising to a high $2,715bn. At the time of writing, the total market cap stood at $2,706bn.
Bitcoin’s dominance fell to an early morning low 43.66% before rising to a high 44.26%. At the time of writing, Bitcoin’s dominance stood at 44.05%.
For the Afternoon Ahead
Bitcoin would need to avoid a fall back through the first major resistance level at $62,453 to bring $64,000 levels into play.
Support from the broader market will be needed, however, for Bitcoin to breakout from the morning high $63,658.0.
Barring an extended crypto rally, the second major resistance at $63,957 would likely cap any upside.
In the event of another extended rally through the afternoon, Bitcoin could test resistance at $65,000 before any pullback. The third major resistance level sits at $66,926.
A fall back through the first major resistance level and the $60,987 pivot would bring the first major support level at $59,484 back into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$59,000 levels.
The second major support level sits at $58,018.
Looking beyond the support and resistance levels, we saw the 50 EMA pull away from the 100 and 200 EMAs this morning. We also saw the 100 EMA pull away from the 200 EMA.
Through the 2nd half of the day, a further widening of the 50 EMA from the 100 and 200 would bring $65,000 levels into play.
Key through the late morning and early afternoon, however, would be to avoid a fall back through the first major resistance level at $62,453.
This article was originally posted on FX Empire