It’s a mixed start to the day for the majors. A Bitcoin move back through to $38,000 would signal a breakout for the broader market.
Bitcoin, BTC to USD, rose by 0.09% on Tuesday. Consolidating Monday’s 19.57% surge, Bitcoin ended the day at $46,488.0.
Canopy Growth to Enter U.S. Market this Year
A bullish start to the day saw Bitcoin rally to a mid-morning intraday high and new swing high $48,277.0.
Falling short of the first major resistance level at $49,424, Bitcoin slid to an early afternoon intraday low $45,060.0.
Steering well clear of the first major support level at $40,705, however, Bitcoin revisited $48,000 levels before easing back.
A late pullback saw Bitcoin revisit negative territory before ending the day at $46,480 levels
The near-term bullish trend remained intact, supported by the Tuesday’s new swing hi $48,277.0. For the bears, Bitcoin would need to slide through the 62% FIB of $20,914 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a bullish day on Tuesday.
Binance Coin surged by 34.54% to lead the way.
Ethereum (+1.09%) and Polkadot (+0.20%) trailed the front runners, however.
At the start of the week, the crypto total market cap fell to a Monday low $1,145.36bn before surging to a Tuesday high $1,431.79bn. At the time of writing, the total market cap stood at $1,378.43bn.
Bitcoin’s dominance fell to a Monday low 61.54% before jumping to aTuesday high 64.83%. At the time of writing, Bitcoin’s dominance stood at 63.11%.Advertisement
At the time of writing, Bitcoin was up by 0.52% to $46,731.0. A mixed start to the day saw Bitcoin fall to an early morning low $46,128.0 before striking a high $46,900.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Chainlink and Litecoin were down by 0.54% and by 0.80% to buck the trend early on.
It was a bullish start fo the rest of the majors, however.
At the time of writing, Cardano’s ADA was up by 6.41% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall back through the pivot level at $46,608 to bring the first major resistance level at $48,157 into play.
Support from the broader market would be needed for Bitcoin to break back through to $48,000 levels.
Barring an extended crypto rally, the first major resistance level and Tuesday’s new swing hi $48,277.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $50,000. The second major resistance level sits at $49,825.
Failure to avoid a fall back through the $46,608 pivot would bring the first major support level at $44,940 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $43,391.