Late in the evening on Friday, just as the broader US markets close, Bitcoin finally made a move above the important resistance level which was at 46.847. This movement extended further on Saturday morning as the price climbed to 48.152. At that point it looked like a weekend move above 50,000 was potentially on paper. However, and just in case it didn't happen and the price slipped back to 45,550 yesterday afternoon. Another rebound took place in Asia today and saw the leading cryptocurrency claim levels above 48k yet again, but so far a rise to 48,058 has been the measure of it. It has now turned back before the European opening, but the upside is still very much in focus today and it remains to be seen how much upside there is still. The prospect of further movement to the next retracement level, at 51,100, is still alive as it remains camped above its 200-day moving average. Which is in position right now at 45,428. Bitcoin is currently trading at 47,450.
BTC is now trading close to 47.5k. The daily candle closed above the support line. Now the scenario is that we will soon be heading towards the 50-51k level.
Bitcoin Dominance continues to decline. Altcoins will be safe as long as Bitcoin remains above the $ 45000 support level.
Chart from tradingview.com
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