It's a mixed start to the day for the broader market, A Bitcoin move back through to $11,500 levels should deliver another breakout.
Bitcoin, BTC to USD, rallied by 2.14% on Saturday. Following on from a 1.17% gain on Friday, Bitcoin ended the day at $11,308.0
It was a bullish start to the day. Bitcoin rallied from an intraday low $11,071.0 to an early morning intraday high $11,505.0.
Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $11,186 and the second major resistance level at $11,300.
Hitting resistance at $11,500, Bitcoin fell back to sub-$11,300 levels before finding support in the afternoon.
A move back through to $11,400 levels was brief, however, with Bitcoin falling back to end the day at $11,300 levels.
The second major resistance level at $11,300 delivered support late in the day.
The near-term bullish trend remained intact, supported by the latest move back through to $11,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.
Across the rest of the majors, it was a mixed day on Saturday.
Cardano’s ADA rallied by 3.65% to lead the way. Crypto.com Coin (+2.10%) and Litecoin (+2.26%) weren’t far behind.
Bitcoin Cash ABC (+0.53%), Bitcoin Cash SV (+1.47%), Chainlink (+1.01%), Ethereum (1.48%), and Ripple’s XRP (+0.36%) also joined Bitcoin in the green.
Binance Coin (-0.04%) and Polkadot (-2.33%) bucked the trend on the day, however.
In the current week, the crypto total market slid to a Wednesday low $322.55bn before rising to a Saturday high $357.46bn. At the time of writing, the total market cap stood at $350.08bn.
Bitcoin’s dominance fell to a Monday low 59.15% before rising to a Tuesday high 61.29%. At the time of writing, Bitcoin’s dominance stood at 60.04%.
At the time of writing, Bitcoin was up by 0.49% to $11,363.0. It was a mixed start to the day. Bitcoin fell to an early morning low $11,297.0 before striking a high $11,402.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (-0.83%), Bitcoin Cash ABC (-0.39%), Crypto.com Coin (-0.39%), Chainlink (-1.14%), and Polkadot (-0.88%) saw red early on..
It was a bullish start for the rest of the majors, however.
At the time of writing, Cardano’s ADA was up by 1.16% to lead the way.
Bitcoin would need to avoid a fall through the pivot level at $11,295 to bring the first major resistance level at $11,518 into play.
Support from the broader market would be needed, however, for Bitcoin to break back through to $11,500 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of another crypto breakout, Bitcoin could test resistance at $11,700 and the second major resistance level at $11,729.
Failure to avoid a fall through the $11,295 pivot would bring the first major support level at $11,084 into play.
Barring an extended crypto sell-off, however, Bitcoin should continue to steer clear of sub-$11,000 levels. The second major support level sits at $10,861.
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.