It's a bearish start to the day for the majors. A Bitcoin move through to $55,500 levels would signal a market rally.
Bitcoin, BTC to USD, fell by 2.36% on Thursday. Following on from a 0.33% decline on Wednesday, Bitcoin ended the day at $53,566.0.
A bullish start to the day saw Bitcoin rise to an early morning intraday high $55,222.0 before hitting reverse.
Falling short of the first major resistance level at $56,222, Bitcoin slid to a late intraday low $52,377.0.
The sell-off saw Bitcoin fall through the first major support level at $53,707 and the second major support level at $52.554.
Finding late support, however, Bitcoin broke back through the second major support level to end the day at $53,500 levels.
The near-term bullish trend remained intact supported by the partial recovery to $55,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $27,237 to form a near-term bearish trend.
Across the rest of the majors, it was a mixed day on Thursday.
Binance Coin and Polkadot rose by 6.60% and by 8.49% respectively to lead the way.
Chainlink (+0.59%), Ethereum (+0.27%), and Ripple’s XRP (+2.90%) also found support.
It was a bearish day for the rest of the majors, however.
Bitcoin Cash SV (-0.73%), Cardano’s ADA (-2.37%), Crypto.com Coin (-1.01%), and Litecoin (-1.27%) joined Bitcoin in the red.
In the current week, the crypto total market fell to a Monday low $1,778bn before rising to a Wednesday high $2,124bn. At the time of writing, the total market cap stood at $2,013bn.
Bitcoin’s dominance rose to a Monday high 51.73% before falling to a Thursday low 49.20%. At the time of writing, Bitcoin’s dominance stood at 49.45%.
At the time of writing, Bitcoin was down by 0.59% to $53,250.0. A mixed start to the day saw Bitcoin rise to an early morning high $53,638.0 before falling to a low $53,068.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bearish start to the day.
At the time of writing, Binance Coin and Crypto.com Coin were down by 1.73 and by 1.77% respectively to lead the way down.
Bitcoin would need to move through the $53,722 pivot to bring the first major resistance level at $55,066 into play.
Support from the broader market would be needed for Bitcoin to break out from $54,500 levels.
Barring an extended crypto rally, the first major resistance level and Thursday’s high $55,222.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $58,000 before any pullback. The second major resistance level sits at $56,567.
Failure to move through the $53,722 would bring the first major support level at $52,221 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $50,877 and the 23.6% FIB of $50,473.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.