Bitcoin, BTC to USD, rose by 3.84% on Thursday. Reversing a 3.50% loss from Wednesday, Bitcoin ended the day at $58,110.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $55,714.0 before making a move.
Steering clear of the first major support level at $54,798, Bitcoin rallied to a late intraday high $58,155.0.
Bitcoin broke through the first major resistance level at $57,882 before a fall back to $57,500 levels.
Finding late support, however, Bitcoin broke back through the first major resistance level to end the day at $58,000 levels.
The near-term bullish trend remained intact in spite of the latest pullback. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a bullish day on Thursday.
Ripple’s XRP jumped by 15.89% to lead the way, with Binance Coin rallying by 11.65%.
Cardano’s ADA (+4.02%), Chainlink (+5.35%), Crypto.com Coin (+7.31%), Ethereum (+5.93%), and Litecoin (+3.21%) also found strong support.
Bitcoin Cash SV (+2.79%) and Polkadot (+0.81%) trailed the front runners, however.
In the current week, the crypto total market rose to a Tuesday high $1,992bn before falling to a Wednesday low $1,783tn. At the time of writing, the total market cap stood at $1,920bn.
Bitcoin’s dominance rose to a Monday high 58.33% before falling to a Wednesday low 55.75%. At the time of writing, Bitcoin’s dominance stood at 56.55%.
This Morning
At the time of writing, Bitcoin was up by 0.05% to $58,138.3. A mixed start to the day saw Bitcoin rise to an early morning high $58,239.0 before falling to a low $58,063.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Cardano’s ADA and Polkadot were down by 0.17% and by 0.07% to buck the trend early on, with Binance Coin flat.
At the time of writing, Crypto.com Coin was up by 1.50%, however, to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $57,326 to bring the first major resistance level at $58,939 into play.
Support from the broader market would be needed for Bitcoin to break out from $58,500 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $59,000 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 $59,767.
A fall through the $57,326 pivot would bring the first major support level at $56,498 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$55,000 levels. The second major support level sits at $54,885.