It’s a mixed start to the day for the majors, with Ripple’s XRP continuing to lose ground. A Bitcoin move through to $28,000 should support the pack.
Bitcoin, BTC to USD, rose by 1.01% on Tuesday. Following on from a 3.09% rally on Monday, Bitcoin ended the day at $27,316.0.
It was a relatively choppy day. Bitcoin fell to an early morning low $25,859.0 before making a move.
The sell-off saw Bitcoin fall through the first major support level at $26,267.
Steering clear of sub-$25,500 support levels, Bitcoin revisited $27,000 levels before a 2nd pullback.
Bitcoin fell back to an afternoon low $26,205.0 before bouncing back to a late intraday high $27,329.0.
In spite of the late high, Bitcoin continued to fall short of the first major resistance level at $27,641.
The near-term bullish trend remained intact, supported by the latest breakthrough to $28,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $13,261 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.
Ripple’s XRP slid by 10.65% to lead the way down.
It was a bullish day for the rest of the majors, however.
Ethereum (+0.29%) trailed the front runners, however.
Early in the week, the crypto total market cap rose to a Monday high $738.59bn before falling to a Tuesday low $678.76bn. At the time of writing, the total market cap stood at $732.14bn.
Bitcoin’s dominance rose to an early Monday high 70.82% before falling to a Monday low 69.13%. At the time of writing, Bitcoin’s dominance stood at 70.21%.Advertisement
At the time of writing, Bitcoin was up by 1.09% to $27,615.0. A bullish start to the day saw Bitcoin rise from an early morning low $27,312.0 to a high $27,792.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (-1.70%), Cardano’s ADA (-0.40%), Polkadot (-1.22%), and Ripple’s XRP (-2.18%) were in the red early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was up by 7.45% to lead the pack.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $26,835 to bring the first major resistance level at $27,810 into play.
Support from the broader market would be needed for Bitcoin to break back through to $27,800 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $28,000 would likely cap any upside.
In the event of another extended crypto rally, Bitcoin could test resistance at $28,500 before any pullback. The second major resistance level sits at $28,305.
Failure to avoid a fall through the $26,835 pivot would bring the first major support level at $26,340 into play.
Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$25,500 levels. The second major support level sits at $25,365.