Bitcoin had a shaky start to the day, falling to an early morning low of $59,522.0 before making a rise.
Bitcoin dropped through the first major support level of $60,085 before rising to a current-day high of $62,442.0 in the late morning.
However, after falling short of the first significant resistance level at $62,495, Bitcoin dropped to sub-$62,000 levels before regaining support.
The Firm overall
The remainder of the majors have had a mixed morning.
Ripple’s XRP fell 1.28 percent in the morning, defying the morning trend.
The rest of the majors, on the other hand, have had a bullish morning.
Polkadot was up 3.01 percent at the time of writing to lead the way.
Binance Coin (+2.62 percent) and Crypto.com Coin (+2.02 percent) also received a lot of attention.
However, Bitcoin Cash SV (+0.39%), Cardano’s ADA (+1.35%), Chainlink (+1.63%), Ethereum (+0.95%), and Litecoin (+1.05%) followed the leading runners.
During the early morning hours, the crypto total market cap dipped to a low of $2,545 billion before climbing to a high of $2,656 billion. At the time of writing, the total market capitalization was $2,652 billion.
Bitcoin’s dominance decreased to 44.03 percent in the early morning before recovering to 44.38 percent in the afternoon. At the time of writing, Bitcoin had 44.14 percent of the market.
To take another shot at the third big resistance level at $62,495, Bitcoin would need to avoid a dip through the $61,250 pivot in the afternoon.
However, for Bitcoin to break out from its morning high of $62,442.0, it would require support from the wider market.
If there isn’t a long-term crypto rise, the first significant barrier and resistance at $62,500 will likely restrict any further gains.
Before any reversal, Bitcoin might hit resistance above $65,000 in the case of another lengthy gain into the afternoon. $63,660 is the second significant barrier level.
The first significant support level at $60,085 would be reintroduced if the price fell through the pivot at $61,250.
However, unless there is a sustained sell-off into the afternoon, Bitcoin should avoid falling below $59,000.
$58,840 is the second significant support level.
The 50 EMA converged on the 100 and 200 EMAs this morning, looking beyond the support and resistance levels. The 100 EMA also converged on the 200 EMA.
A bullish cross of the 50 EMA through the 100 and 200 EMAs in the second part of the day would put $65,000 levels into play.
The key until the early afternoon, though, would be to prevent a reversion to levels below $61,200.