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Bitcoin – The Bulls Eye $4,300 as the Next Price Target

Bitcoin gained 3.99% on Saturday, partially reversing Friday’s 5.66% loss, to end the day at $4,135, marking a 5th day in the green for Bitcoin and the Bitcoin bulls,

A relatively range bound start to the day saw Bitcoin ease to a mid-morning intraday low $3,919.3, holding well above the first major support level at $3,818.67, before finding support to break through to $4,000 levels by late morning.

An early afternoon pullback saw Bitcoin fall back to $3,900 levels ahead of a late in the day bounce back, Bitcoin rallying to an intraday high $4,166 to move back into positive territory for the day, while leaving the first major resistance level at $4,216.67 untested on the day.

For the Bitcoin bulls, a move back through to $4,000 levels and hold by the day’s end was key, though the need for a late in the day rally will raise some doubts over the near-term outlook, with Bitcoin likely to face plenty of resistance on any attempted run at the 23.6% FIB of $4.816 in the coming days.

Upward momentum through the weekend has seen Bitcoin’s dominance ease further back, falling to 52.5%, a bullish signal for the broader market, with the total crypto market cap rising to $134.15bn.

While investors will be looking for Bitcoin to breakout from $4,200 levels to hit $4,500 levels as a buy signal, Bitcoin’s dominance could be an early buy signal, with any fall to sub-52% suggesting a material improvement in investor sentiment.

With the holiday season rapidly approaching, there was no material news to provide Bitcoin and the broader market with direction, leaving investor sentiment towards current price levels and outlook on Bitcoin and crypto adoption to provide direction.

Even Bitcoin has seen greater usage as an alternative to fiat money over the last few years, which can only be a good thing, though the market has yet to evolve to materially differentiate by platform success.

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At the time of writing, Bitcoin was up 0.75% to $4,166.0, with moves through the early morning seeing Bitcoin rise from a start of a day morning low $4,112.8 to a morning high $4,196.4 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $4,196.4 would bring $4,200 levels and the day’s first major resistance level at $4,227.57 into play before any pullback, Bitcoin likely to face plenty of resistance at $4,200 levels to pin back any attempt at a breakout to $4,300 levels and the second major resistance level at $4,320.13 on the day.

Failure to move back through the morning high could see Bitcoin give up the early morning gains, a fall through the morning low $4,112.8 to $4,070 levels likely to bring sub-$4,000 levels and the first major support level at $3,980.87 into play before any recovery, heavier losses unlikely on the day, with Bitcoin heading for only its fourth weekly gain of the quarter.

This article was originally posted on FX Empire

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