Bitcoin, BTC to USD, rose by 0.33% on Tuesday. Partially reversing a 3.68% slide from Monday, Bitcoin ended the month up by 13.80% to $47,157.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $46,725.0 before making a move.
Steering clear of the first major support level at $46,297, Bitcoin rallied to an early afternoon intraday high $48,244.0.
Falling short of the first major resistance level at $48,319, Bitcoin fell back to sub-$47,000 before finding late support.
The near-term bullish trend remained intact, supported by the latest return to $50,000 levels. For the bears, Bitcoin would need a sustained fall 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 mixed day on Tuesday
Crypto.com Coin fell by 0.89% to buck the trend on the day.
It was a bullish day for the rest of the majors, however.
Polkadot surged by 20.10% to lead the way once more.
For the crypto majors, it was a particularly bullish August.
Cardano’s ADA surged by 109.76% to lead the way.
Binance Coin (+39.52%), Ethereum (+35.38%), Polkadot (+64.52%), and Ripple’s XRP (+58.96%) also found strong support.
Bitcoin Cash SV (+14.47%), Chainlink (+17.76%), Crypto.com Coin (+20.36%), and Litecoin (+18.79%) trailed the front runners, however.
Early in the week, the crypto total market fell to a Monday low $1,996bn before rising to a Tuesday high $2,154bn. At the time of writing, the total market cap stood at $2,086bn.
Bitcoin’s dominance rose to a Monday high 44.14% before falling to a Tuesday low 42.12%. At the time of writing, Bitcoin’s dominance stood at 42.49%.
At the time of writing, Bitcoin was down by 0.06% to $47,129.0. A mixed start to the day saw Bitcoin fall to an early morning low $46,891.0 before rising to a high $47,359.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Cardano’s ADA (-0.41%), Litecoin (-0.26%), and Ripple’s XRP (-0.24%) joined Bitcoin in the red.
It was a bullish start for the rest of the majors, however.
At the time of writing, Polkadot was up by 1.82% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $47,375 pivot to bring the first major resistance level at $48,026 into play.
Support from the broader market would be needed for Bitcoin to break back through to $48,000 levels.
Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $48,244.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $50,000 before any pullback. The second major resistance level sits at $48,894.
Failure to move through the $47,375 pivot would bring the first major support level at $46,507 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$45,000 levels. The second major support level at $45,856 should limit the downside.