Bob Mason
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Bitcoin, BTC to USD, rallied by 4.88% on Tuesday. Reversing a 2.34% decline from Monday, Bitcoin ended the day at $47,152.0.

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A mixed start to the day saw Bitcoin fall to an early morning intraday low $44,699.0 before making a move.

Steering clear of the first major support level at $43,311, Bitcoin rallied to a late intraday high $47,238.5.

Bitcoin broke through the first major resistance level at $46,741 to end the day at $47,000 levels.

The near-term bullish trend remained intact, in spite of the latest return to $43,000 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 mixed day on Tuesday.

Cardano’s ADA fell by 0.21% to buck the trend on the day.

It was a bullish day for the rest of the majors, however.

Chainlink surged by 14.49% to lead the way, with Binance Coin (+3.80%), Crypto.com Coin (+5.92%), and Ethereum (+4.58%) also finding strong support.

Bitcoin Cash SV (+2.33%), Litecoin (+2.06%), Polkadot (+2.28%), and Ripple’s XRP (+3.07%) trailed the front runners, however.

Early in the week, the crypto total market rose to a Monday high $2,186bn before tumbling to a Monday low $1,958bn. At the time of writing, the total market cap stood at $2,137bn.

Bitcoin’s dominance fell to a Monday low 40.36% before rising to a Tuesday high 41.71%. At the time of writing, Bitcoin’s dominance stood at 41.38%.


This Morning

At the time of writing, Bitcoin was down by 0.30% to $47,012.0. A mixed start to the day saw Bitcoin rise to an early morning high $47,199.0 before falling to a low $46,974.5.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Crypto.com Coin (+0.85%) and Polkadot (+0.69%) found early support.

It was a bearish start for the rest of the majors, however.

At the time of writing, Litecoin was down by 0.55% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $46,363 pivot to bring the first major resistance level at $48,027 into play.

Support from the broader market would be needed for Bitcoin to break out from $47,500 levels.

Barring a broad-based crypto rally, the first major resistance level would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at $50,000 before any pullback. The second major resistance level sits at $48,903.

A fall through the $46,363 pivot would bring the first major support level at $45,488 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$45,000 levels. The second major support level sits at $43,824.

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