Bitcoin, BTC to USD, rose by 2.24% on Tuesday. Partially reversing a 5.62% slide from Monday, Bitcoin ended the day at $56,924.0.
A bearish start to the day saw Bitcoin fall to an early morning intraday low $53,346.0 before making a move.
Steering clear of the first major support level at $53,311, Bitcoin rose to a late intraday high $56,925.0.
In spite of the late rally, Bitcoin fell well short of the first major resistance level at $59,320.
The near-term bullish trend remained intact supported by Sunday’s new swing hi $61,699.0. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 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.
Cardano’s ADA surged by 21.26% to lead the way.
Early in the week, the crypto total market rose to a Monday high $1,828bn before falling to a Tuesday low $1,593bn. At the time of writing, the total market cap stood at $1,704bn.
Bitcoin’s dominance rose to a Monday high 63.02% before falling to a Tuesday low 60.84%. At the time of writing, Bitcoin’s dominance stood at 61.89%.
At the time of writing, Bitcoin was down by 0.70% to $56,527.0. A mixed start to the day saw Bitcoin rise to an early morning high $57,144.0 before falling to a low $56,380.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Polkadot and Ripple’s XRP were up by 0.31% and by 0.14% to buck the trend early on.
It was a bearish start for the rest of the pack, however.
At the time of writing, Cardano’s ADA was down by 2.77% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $55,732 to bring the first major resistance level at $58,117 into play.
Support from the broader market would be needed for Bitcoin to break back through to $58,000 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 $60,000. The second major resistance level sits at $59,311.
Failure to avoid a fall through the $55,732 pivot would bring the first major support level at $54,538 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$53,000 levels. The second major support level sits at $52,153.