It's a bullish start for the majors, with Bitcoin Cash SV leading the way. A Bitcoin move back through to $56,000 levels would bring $60,000 levels into view.
Bitcoin, BTC to USD, slid by 6.81% on Tuesday. Reversing a 0.96% gain from Monday, Bitcoin ended the day at $53,251.0.
It was a particularly bearish day. Bitcoin slid from an early morning intraday high $57,166.0 to a final hour intraday low $53,067.0.
The extended sell-off saw Bitcoin fall through the first major support level at $56,124 and the second major support level at $55,100.
The near-term bullish trend remained intact in spite of the slide back to $53,000 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 Monday.
Bitcoin Cash SV (-12.62%), Crypto.com Coin (-10.36%), and Ripple’s XRP (-10.85%) led the way down.
Binance Coin (-9.99%), Cardano’s ADA (-6.75%), and Ethereum (-5.65%) also struggled.
Chainlink (+8.34%), Litecoin (+3.59%), and Polkadot (+0.35%) bucked the trend on the day, however.
Early in the week, the crypto total market rose to a Monday high $2,331bn before falling to a Tuesday low $2,064bn. At the time of writing, the total market cap stood at $2,216bn.
Bitcoin’s dominance rose to a Monday high 49.39% before falling to a Tuesday low 46.04%. At the time of writing, Bitcoin’s dominance stood at 46.62%.
At the time of writing, Bitcoin was up by 3.85% to $55,300.0. A mixed start to the day saw Bitcoin fall to an early morning low $52,960.0 before rising to a high $55,425.0.
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, Bitcoin Cash SV was up by 10.60% to lead the way.
Bitcoin would need to avoid a fall back through the pivot level at $54,495 to support a run at the first major resistance level at $55,922.
Support from the broader market would be needed for Bitcoin to breakout from this morning’s high $55,425.0.
Barring an extended crypto rally, the first major resistance level and resistance at $56,000 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 $58,594.
Failure to avoid a fall back through the pivot at $54,495 would bring the first major support level at $51,823 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$50,000 levels. The 23.6% FIB of $50,473 and the second major support level at $50,396 should limit the downside.
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.