Bitcoin, BTC to USD, rose by 1.76% on Tuesday. Following a 10.12% rally on Monday, Bitcoin ended the day at $55,044.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $53,304.0 before making a move.
Steering clear of the first major support level at $50,493, Bitcoin rallied to a late intraday high $55,437.0.
Falling short of the first major resistance level at $56,049, however, Bitcoin eased back to sub-$55,000 levels before ending the day at $55,000 levels.
The near-term bullish trend remained intact supported by the partial recovery to $55,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $27,237 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a bullish day on Tuesday.
Bitcoin Cash SV rallied by 10.87% to lead the way.
Polkadot (+2.35%) and Ripple’s XRP (+2.94%) trailed the front runners, however.
Early in the week, the crypto total market fell to a Monday low $1,778bn before rising to a Tuesday high $2,078bn. At the time of writing, the total market cap stood at $2,057bn.
Bitcoin’s dominance rose to a Monday high 51.73% before falling to a Tuesday low 49.94%. At the time of writing, Bitcoin’s dominance stood at 50.27%.
At the time of writing, Bitcoin was up by 0.39% to $55,260.0. A mixed start to the day saw Bitcoin fall to an early morning low $55,010.0 before rising to a high $55,298.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Polkadot was down by 0.34% to buck the trend early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Ripple’s XRP was up by 1.38% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the $54,595 pivot to bring the first major resistance level at $55,886 into play.
Support from the broader market would be needed for Bitcoin to break out from $55,500 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $57,000 before any pullback. The second major resistance level sits at $56,728.
Failure to avoid a fall through the $54,595 would bring the first major support level at $53,753 into play.
Barring another extended sell-off on the day, Bitcoin should steer well clear of the 23.6% FIB of $50,473. The second major support level at $52,462 should limit the downside.