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Bitcoin price seems to have stabilized. What's next



Bitcoin gained nearly 2% on Saturday, partially making up for its 9% loss on Friday. BTC ended the day at $ 54,791. The coin rose to a daily high of $ 55,329 in between. He stayed away from important support levels and the 23.6% Fibonacci retracement level.

The price fell to just over $ 54,000, missing the first major resistance at $ 57,533. It found support towards the end of the day and closed at $ 54,700.

Despite the recent losses, the short-term uptrend remains intact. In order to develop a short-term downtrend, the price would have to fall sustainably below the Fibonacci retracement level of 62%.

Mixed market for other top 10 coins

Saturday went differently for the rest of the major cryptocurrencies. CRO rose nearly 11% and led the market. Also Binance Coin experienced strong support. Other winners were Cardano (+ 0.73%), Bitcoin SV (+ 0.32%), Chainlink (+ 0.60%), Ethereum (+ 1.35%) and XRP (+ 0.61%). Polkadot and Litecoin lost less than 1%.

Last week, the crypto market peaked at $ 2.69 billion on Thursday and then fell to $ 2.3 billion on Friday.

Bitcoin's dominance peaked at 43% on Friday, after falling to a low of 41.75% the previous day.

Bitcoin fell just under 1% this morning to $ 54,276. It was a mixed start to the day, with the flagship cryptocurrency soaring to a high of $ 54,875 before falling to $ 54,244. The main support and resistance levels were not tested at the beginning of the day.

Most major cryptocurrencies posted losses this morning. At the head of the downtrend was CRO, which lost 7.23% of its value. To bring the first major resistance level into play at $ 55,510, Bitcoin would have to rise above the $ 54,610 mark again, according to FX Empire. The king of cryptocurrencies cannot break out of Friday's high of $ 55,329 if it does not receive support from the broad market.

First resistance level will limit Bitcoin's uptrend

Unless we see a sustained crypto rally, the first major resistance would likely limit the uptrend. Should it recover, Bitcoin could test the resistance at $ 58,000 before it subsides again. The second major resistance level is at $ 56,228.

We will see the first major support level at $ 53,892 and the 23.6% Fibonacci retracement level at $ 53,628 if BTC fails to pull back through the point at $ 54,610. Unless there is an extended sell-off on Sunday, Bitcoin is unlikely to drop below the $ 50,000 mark. The downtrend is likely to be limited by the second major support at just below $ 53,000.

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