Bob Mason
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Bitcoin, BTC to USD, rose by 1.53% on Tuesday. Reversing a 0.96% loss from Monday, Bitcoin ended the day at $56,471.2.

A bullish start to the day saw Bitcoin fall to a late morning intraday low $53,337.0 before making a move.

Bitcoin fell through the first major support level at $54,091 before rallying to a late intraday high $57,099.0.

Falling short of the first major resistance level at $57,335, however, Bitcoin eased back to end the day at sub-$56,500 levels.

The near-term bullish trend remained intact in spite of the latest reversal. For the bears, Bitcoin would need to slide through the 62% FIB of $27,237 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.

Crypto.com Coin and Litecoin slipped by 0.26% and by 0.73% respectively to buck the trend on the day.

It was a bullish day for the rest of the majors, however.

Binance Coin jumped by 16.49% to lead the way.

Cardano’s ADA (+6.08%), Chainlink (+9.12%), Ethereum (+7.81%), and Ripple’s XRP (+5.76%) also found strong support.

Bitcoin Cash SV (+2.95%) and Polkadot (+0.59%), trailed the front runners, however.

Early in the week, the crypto total market rose to a Monday high $2,100bn before sliding to a Tuesday low $1,837bn. At the time of writing, the total market cap stood at $2,043bn.

Bitcoin’s dominance fell to a Monday low 51.28% before rising to a Tuesday high 54.32%. At the time of writing, Bitcoin’s dominance stood at 51.89%.


This Morning

At the time of writing, Bitcoin was up by 0.41% to $56,702.0. A mixed start to the day saw Bitcoin fall to an early morning low $56,353.0 before rising to a high $56,790.0.

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

Elsewhere, it was a bullish start to the day.

At the time of writing, Crypto.com Coin was up by 3.93% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid the pivot level at $55,636 to bring the first major resistance level at $57,935 into play.

Support from the broader market would be needed for Bitcoin to break out from Tuesday’s high $57,099.0.

Barring an extended crypto rally, the first major resistance level and resistance at $58,000.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $60,000 before any pullback. The second major resistance level sits at $59,398.

Failure to avoid a fall through the $55,636 pivot would bring the first major support level at $54,173 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$53,000 levels. The second major support level sits at $51,874.

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