It’s a bearish start to the day for the majors. A Bitcoin move through to $35,500 should provide support to the broader market.
Bitcoin, BTC to USD, fell by 3.63% on Tuesday. Following on from a 7.31% slide on Monday, Bitcoin ended the day at $34,123.0. It was the 4th consecutive day in the red.
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It was a mixed start to the day. Bitcoin slipped to an early morning low $33,762.0 before making a move.
Steering clear of the 23.6% FIB of $33,008 and the first major support level at $31,270, Bitcoin struck a mid-morning intraday high $36,656.0.
Falling short of the first major resistance level at $38,912, Bitcoin slid to an early afternoon intraday low $32,427.
While steering clear of the first major support level, Bitcoin fell through the 23.6% FIB of $33,008.
Late in the day, Bitcoin briefly revisited $35,500 levels before sliding back into the deep red.
Despite of the late reversal, Bitcoin avoided a fall back through the 23.6% FIB of $33,008.
The near-term bullish trend remained intact, in spite of the latest sell-off. For the bears, Bitcoin would need to slide through the 62% FIB of $18,504 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.
Bitcoin Cash SV rallied by 10.22% to lead the day.
It was a bearish day for the rest of the majors, however
Early in the week, the crypto total market cap rose to a Monday high $1,040.51 before falling to a Monday low $804.33bn. At the time of writing, the total market cap stood at $888.48bn.
Bitcoin’s dominance rose from a Monday low 68.39% to a Monday high 69.97%. At the time of writing, Bitcoin’s dominance stood at 69.00%.Advertisement
At the time of writing, Bitcoin was down by 3.12% to $33,058.0. A bearish start to the day saw Bitcoin fall from an early morning high $34,105.0 to a low $32,931.0.
While leaving the major support and resistance levels untested early on, Bitcoin fell through the 23.6% FIB of $33,008.
Elsewhere, it was a mixed start to the day.
Polkadot bucked the trend early on, rising by 0.69%, with Bitcoin Cash SV and Crypto.com Coin flat.
It was a bearish start for the rest of the majors, however.
At the time of writing, Ethereum was down by 3.65% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the pivot level at $34,402 to bring the first major resistance level at $36,631 into play.
Support from the broader market would be needed for Bitcoin to break out from $35,500 levels.
Barring an extended crypto rally, first major resistance level and Tuesday’s high $36,656.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $40,000 before any pullback. The second major resistance level sits at $38,631.
Failure to move through the $34,402 pivot would bring the 23.6% FIB of $33,008 and the first major support level at $32,148 into play.
Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$30,000 levels. The second major support level at $30,173 should limit the downside.