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Bob Mason
bitcoin with us dollars and calculator

Bitcoin hit rose by 1.06% on Tuesday. Partially reversing a 3.66% slide from Monday, Bitcoin ended the day at $8,830.0.

A relatively range-bound morning saw Bitcoin rise from an early morning low $8,722.3 to a mid-morning high $8,795.7 ahead of a choppy afternoon.

Steering clear of the major support and resistance levels early on, Bitcoin rallied to a midday intraday high $8,910.0.

Falling short of the first major resistance level at $9,025.3, Bitcoin slid to a mid-afternoon intraday low $8,602.0.

Holding above the first major resistance level at $8,533.3, Bitcoin moved back through to $8,800 levels to deliver the upside on the day.

For the bulls, the extended bullish trend remained intact in spite of failing to break back through the 38.2% FIB of $9,734. Bitcoin has continued to hold above the 62% FIB of 7,245.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was another mixed day for the majors on Tuesday.

Stellar’s Lumen hit reverse, following its trend-bucking gain on Monday, sliding by 4.10%.

Litecoin and Ripple’s XRP also saw red, with the pair falling by 0.55% and by 0.79% respectively.

It was positive for the rest of the pack, however, which joined Bitcoin in the green.

Binance Coin led the way, rallying by 4.38%, with Tron’s TRX up by 2.73%.

Bitcoin Cash ABC (+1.35%), Bitcoin Cash SV (+0.31%), EOS (+1.15%), and Ethereum (+1.26%) saw more modest gains.

Through the start of the week, the total crypto market cap fell from a current week high $246.9bn to a current week low $237.75bn on Monday. On Tuesday, the market cap fell back from $240bn levels to a day low $237.9bn  before recovering. At the time of writing, the total market cap stood at $239.99bn.

Bitcoin’s dominance continued to hold at 66% levels on the day, supported by Tuesday’s partial recovery. 24-hour trading volumes continued to sit at sub-$70bn levels.

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This Morning

At the time of writing, Bitcoin was down by 0.78% to $8,761.4. A bearish start to the day saw Bitcoin fall from an early morning high $8,849.9 to a low $8,761.3.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was red across the crypto board. Binance Coin and Bitcoin Cash ABC were down by 1.65% and by 1.39% to lead the reversal.

Ripple’s XRP and Ethereum were down by 0.09% and by 0.73% to lead the majors early on.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $8,780 levels to support a run at the first major resistance level at $8,959.33.

Support from the broader market would be needed, however, for Bitcoin to break through Tuesday’s high $8,910.

Barring a broad-based crypto rebound, Bitcoin would likely come up short of $9,000 levels for a 2nd consecutive day.

In the event of a crypto rally later in the day, the second major resistance level at $9,088.67 would likely cap any upside.

Failure to move through to $8,780 levels could see Bitcoin slide deeper into the red.

A fall back to sub-$8,700 levels would bring the first major support level at $8,651.33 into play before any recovery.

Barring a crypto meltdown, however, Bitcoin should continue to steer clear of sub-$8,600 levels.

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