The broader market and Bitcoin found increased support today morning, registering recoveries from the earlier losses. A BTC uptrend through the crucial $35K level would indicate a breakout towards $37K.
Top cryptocurrencies seem to have regained support today morning after the bearishness that surrounded the market at the start of this week. While publishing this content, BTC/USD increased to $34,832, following a 1.68% surge. An unpredictable early morning trading session saw the leading cryptocurrency falling to $33,989.0 before climbing to $34,929.0 in the late morning sessions. Regardless of the earlier fluctuations, Bitcoin failed to conquer its $35,116, a crucial resistance zone. As a result, it retraced to $34,500 today.
Other Coins
The overall cryptocurrency market saw unpredictable moves during the early morning sessions. Crypto.com Coin lost 0.92%, shedding some of its earlier gains. The rest of the top coins saw a bearish start to the day. While writing this, Chainlink (4.60% surge) and Binance Coin (4.28% increase) are among the altcoins that reclaimed massive supports. Others that follow the top gainers are ADA (1.27 increase), ETH (2.87% up), LTC (2.40% surge), DOT (1.72% uptick), and XRP (0.90% up). Over the morning hours, the overall crypto market cap dropped to $1.425 billion before surging to $1.462 billion. While writing this report, the total crypto market capitalization hovers around $1.455 billion. BTC’s market dominance rose to 45.00% before declining to 44.76%. For now, Bitcoin’s market dominance stands at 44.86%.
The Day Ahead
To conquer the $35,116 resistance level, BTC has to break over the pivot zone at $34,335. Bitcoin will require broader market support to reclaim the $35,000 mark. If the market does not have crypto rally sentiments, its first crucial resistance, $35,196.0, Tuesday’s high, might suppress any upsurge. In cases of the extended rally, BTC might test the $37,000 resistance levels. The second vital resistance zone lies at $35,976. If the asset sustains continued sell-off ahead, BTC will move to the support levels at sub-$33,000. For now, Bitcoin has to conquer the $35,000 levels to prevent reversals.
Where do you see Bitcoin and the overall crypto market in the upcoming trading sessions? Comment below.
