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Bob Mason
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Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin, BTC to USD, rallied by 7.08% on Friday. Reversing a 1.86% loss from Thursday, Bitcoin ended the day at $54,993.0.

A mixed start to the day saw Bitcoin fall to an early morning low $51,300.0 before making a move.

Steering clear of the first major support level at $50,100, Bitcoin rallied to a late intraday high $55,000.0.

Bitcoin broke through the first major resistance level at $52,866 and the second major resistance level at $54,374.0.

In spite of a late pullback, Bitcoin avoided a fall through the second major resistance level, wrapping up the day at $54,900 levels.

The near-term bullish trend remained intact in spite of the recent 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 Friday.

Cardano’s ADA and Ripple’s XRP rallied by 10.78% and by 10.37% to lead the way.

Binance Coin  (+9.07%) Chainlink (+7.20%), Ethereum (+7.13%), and Litecoin (+7.10%) also found strong support.

Bitcoin Cash SV (+3.47%), Crypto.com Coin (+3.91%), and Polkadot (+3.64%) trailed the front runners, however.

In the current week, the crypto total market rose to a Monday high $1,802bn before sliding to a Thursday low $1,517bn. At the time of writing, the total market cap stood at $1,700bn.

Bitcoin’s dominance rose to a Wednesday high 62.24% before falling to a Friday low 60.17%. At the time of writing, Bitcoin’s dominance stood at 60.87%.

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This Morning

At the time of writing, Bitcoin was up by 0.65% to $55,348.0. A mixed start to the day saw Bitcoin fall to an early morning low $54,965.0 before striking a high $55,500.0.

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 2.63% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $53,764 to bring the first major resistance level at $56,229 into play.

Support from the broader market would be needed for Bitcoin to break out from this morning’s high $55,500.0.

Barring an extended crypto rally, the first major resistance level 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 $57,464.

Failure to avoid a fall through the $53,764 pivot would bring the first major support level at $52,529 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$50,000 levels. The second major support level at $50,064 should limit the downside.

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