Bitcoin, BTC to USD, slid by 3.42% on Tuesday. Following a 3.00% decline on Monday, Bitcoin ended the day at $29,809.0.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $31,079.0 before hitting reverse.
Falling short of the first major resistance level at $31,695, Bitcoin slid to an early afternoon intraday low $29,313.0.
Bitcoin fell through the first major support level at $30,267 and the second major support level at $29,670.
Steering clear of sub-$29,000 levels, however, Bitcoin revisited $30,000 levels before falling back.
The partial recovery saw Bitcoin move back through the second major support level to end the day at $29,800 levels.
The near-term bullish trend remained intact, in spite of the latest return to $29,000 levels. For the bears, Bitcoin would need a sustained fall 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 bearish day on Tuesday.
Bitcoin Cash SV tumbled by 10.75% to lead the way down.
Binance Coin (-5.71%), Cardano’s ADA (-6.02%), Chainlink (-5.13%), Crypto.com Coin (-3.31%), Litecoin (-5.21%), and Ripple’s XRP (-5.22%) also ended the day in the deep red.
Ethereum (-1.76%) and Polkadot (-0.98%) saw relatively modest losses on the day.
Early in the week, the crypto total market rose to an early Monday high $1,299bn before falling to a Tuesday low $1,154bn. At the time of writing, the total market cap stood at $1,193bn.
Bitcoin’s dominance fell to a Monday low 46.06% before rising to a Tuesday high 47.62%. At the time of writing, Bitcoin’s dominance stood at 46.76%.
This Morning
At the time of writing, Bitcoin was down 0.17% to $29,757.0. A mixed start to the day saw Bitcoin rise to an early morning high $29,867.0 before falling to a low $29,734.0.
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, Crypto.com Coin was down by 0.98% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $30,067 pivot to bring the first major resistance level at $30,821 into play.
Support from the broader market would be needed for Bitcoin to break out from $30,500 levels.
Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $31,079.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $32,000 before any pullback. The second major resistance level sits at $31,833.
Failure to move through the $30,067 pivot would bring the first major support level at $29,055 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$28,000 levels. The second major support level at $28,301 should limit the downside.