The broader market and Bitcoin start the week with bearish moves. The leading coin has to revisit the $46,000 levels to avoid dipping in further the red zone.
After the crypto market ended last week in a bearish attitude, Bitcoin and most crypto assets traded lower today morning. While writing this content, Bitcoin (BTC-USD) lost 2.97%, dropping to $44,673. Meanwhile, mixed early sessions had BTC rising to intraday highs of $46,269 before reverses emerged.
However, the flagship digital token failed to conquer the initial resistance zone at $46,745. That had Bitcoin plunging towards $44,222 mid-morning lows. The price reactions witnessed the coin breaching the first critical support area at $45,053.
Other Assets
The broad cryptocurrency market has seen bearishness early on Monday. While writing these lines, LINK lost 10% to lead the day’s losers as Cardano followed with 6.73% plummets. Other assets that trades deep in red include XRP (-5.77%), LTC (-5.12%), ETH (-5.48%), Crypto.com Coin (-5.6%), BCH (-3.59%), and BNB (-4.58%).
However, the overall crypto market capitalization climbed in early hours to $2.143 trillion before dipping to $2.003 trillion lows. While writing this content, the global market capitalization stands at $2.044 trillion.
On the other hand, BTC dominance declined to a morning low of 40.62% before climbing to 41.52 during late sessions. While writing this content, BTC has its dominance at 41.13%.
The Afternoon Ahead
For now, Bitcoin has to keep away the initial critical support zone and the pivot at $45,760 to test the first crucial resistance zone near $46,745. The broad market rally is essential for BTC to break past its morning high at $46,269.
With an overall market rally, the critical barrier at $47,000 would prevent Bitcoin’s upsurges. However, if the market witnesses a continuous rally in the afternoon, the leading coin will retest the resistance level at $48,000 before retracing. The 2nd massive resistance locates at $47,452.
Failure to overpower the initial resistance at $45,053 and the pivot at $45,600 will have the asset hitting the second massive support area at $44,068. Bitcoin has to avoid the sub-$44,000 levels to invalidate increased sell-off in the coming sessions. The 2nd crucial support area at $44,068 will limit the downswings.
For now, the 100 exponential moving average retraces from the 200 exponential moving average indicating bearishness towards the afternoon. If the correct upside catalysts fail to emerge, Bitcoin may drop to the sub-$40,000 levels.
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