Bitcoin, BTC to USD, fell by 2.36% on Thursday. Following on from a 0.33% decline on Wednesday, Bitcoin ended the day at $53,566.0.
A bullish start to the day saw Bitcoin rise to an early morning intraday high $55,222.0 before hitting reverse.
Falling short of the first major resistance level at $56,222, Bitcoin slid to a late intraday low $52,377.0.
The sell-off saw Bitcoin fall through the first major support level at $53,707 and the second major support level at $52.554.
Finding late support, however, Bitcoin broke back through the second major support level to end the day at $53,500 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 mixed day on Thursday.
Binance Coin and Polkadot rose by 6.60% and by 8.49% respectively to lead the way.
It was a bearish day for the rest of the majors, however.
In the current week, the crypto total market fell to a Monday low $1,778bn before rising to a Wednesday high $2,124bn. At the time of writing, the total market cap stood at $2,013bn.
Bitcoin’s dominance rose to a Monday high 51.73% before falling to a Thursday low 49.20%. At the time of writing, Bitcoin’s dominance stood at 49.45%.
At the time of writing, Bitcoin was down by 0.59% to $53,250.0. A mixed start to the day saw Bitcoin rise to an early morning high $53,638.0 before falling to a low $53,068.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bearish start to the day.
At the time of writing, Binance Coin and Crypto.com Coin were down by 1.73 and by 1.77% respectively to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $53,722 pivot to bring the first major resistance level at $55,066 into play.
Support from the broader market would be needed for Bitcoin to break out from $54,500 levels.
Barring an extended crypto rally, the first major resistance level and Thursday’s high $55,222.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $58,000 before any pullback. The second major resistance level sits at $56,567.
Failure to move through the $53,722 would bring the first major support level at $52,221 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $50,877 and the 23.6% FIB of $50,473.