Bitcoin, BTC to USD, fell by 1.86% on Thursday. Following on from a 3.72% slide on Wednesday, Bitcoin ended the day at $51,358.0.
A mixed start to the day saw Bitcoin fall to an early morning low $51,511.0 before making a move.
Steering clear of the major support levels, Bitcoin rallied to a late morning intraday high $53,116.0.
Falling short of the first major resistance level at $55,853, Bitcoin slid to a mid-day intraday low $50,350.0.
Steering clear of the first major support level at $50,163, Bitcoin moved back through to $51,300 levels to reduce the deficit on the day.
The near-term bullish trend remained intact in spite of the latest pullback. 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 mixed day on Thursday.
Crypto.com Coin tumbled by 13.95% to lead the way down.
It was a bullish day for the rest of the majors, however.
Ethereum (+0.32%) and Polkadot (+0.50%) trailed the front runners, however.
In the current week, the crypto total market rose to a Monday high $1,802bn before sliding to a Thursday low $1,517bn. At the time of writing, the total market cap stood at $1,588bn.
Bitcoin’s dominance fell to a Tuesday low 60.20% before rising to a Wednesday high 62.24%. At the time of writing, Bitcoin’s dominance stood at 60.94%.
At the time of writing, Bitcoin was up by 0.87% to $51,807.0. A mixed start to the day saw Bitcoin fall to an early morning low $51,300.0 before rising to a high $52,115.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day. Polkadot was down by 0.02% to buck the trend early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Cardano’s ADA and Crypto.com Coin were up by 1.76% and by 1.70%, with Ripple’s XRP up by 1.79% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall back through the pivot level at $51,608 to bring the first major resistance level at $52,866 into play.
Support from the broader market would be needed for Bitcoin to break out from $52,500 levels.
Barring an extended crypto rally, the first major resistance level and Thursday’s high $53,116.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $54,374.
Failure to avoid a fall back through the $51,608 pivot would bring the first major support level at $50,100 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $48,842 and the 23.6% FIB of $48,082.