Following a bullish day for Bitcoin and the broader market on Saturday, a Bitcoin move back through to $56,000 levels would signal a breakout...
Bitcoin, BTC to USD, rose by 1.89% on Saturday. Following a 0.28% gain on Friday, Bitcoin ended the day at $54,968.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $53,678.0 before making a move.
Steering clear of the first major support level at $53,051, Bitcoin rose to an early afternoon intraday high $55,475.0.
Bitcoin broke through the first major resistance level at $55,422 before falling back to sub-$54,500 levels.
Finding late support, however, Bitcoin tested resistance at $55,000 before easing back.
The near-term bullish trend remained intact, supported the latest return to $56,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.
Across the rest of the majors, it was a mixed day on Saturday.
Crypto.com Coin bucked the trend, falling by 0.45%.
It was a bullish day for the rest of the majors, however.
Ripple’s XRP jumped by 9.03% to lead the way, with Polkadot (+6.96%) close behind.
Bitcoin Cash SV (+2.16%), Chainlink (+3.98%), and Litecoin (+2.29%) also found strong support.
Binance Coin (+0.65%), Cardano’s ADA (+1.43%), Ethereum (+0.33%), trailed the front runners, however.
In the current week, the crypto total market fell to a Monday low $2,009bn before rising to a Friday high $2,425bn. At the time of writing, the total market cap stood at $2,351bn.
Bitcoin’s dominance fell to a Tuesday low 42.52% before rising to a Wednesday high 45.62%. At the time of writing, Bitcoin’s dominance stood at 43.98%.
At the time of writing, Bitcoin was down by 0.11% to $54,907.0. A mixed start to the day saw Bitcoin rise to an early morning high $54,984.0 before falling to a low $54,871.0.
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, Litecoin was down by 0.74% to lead the way down.
Bitcoin would need to avoid the $54,707 pivot to bring the first major resistance level at $55,736 into play.
Support from the broader market would be needed for Bitcoin to break out from Saturday’s high $55,475.0.
Barring a broad-based crypto rally, the first major resistance level and resistance at $56,000.0 would likely cap the upside.
In the event of a broad-based crypto rally, Bitcoin could test resistance at $58,000 levels before any pullback. The second major resistance level sits at $56,504.
A fall through the $54,707 would bring the first major support level at $53,939 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$52,000, The second major support level at $52,910 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.