Bitcoin, BTC to USD, fell 1.95% on Tuesday. Bitcoin returned 1.55% on Monday, ending the day at $ 57,991.0.
On a mixed start to the day, Bitcoin rose to an early morning intraday high of $ 59,499.0 before hitting reverse.
Bitcoin trailed the first major resistance level at $ 59,980, falling to an early afternoon intraday low of $ 57,401.0.
Bitcoin fell through the first major support level at $ 57,580 before briefly bouncing back to $ 58,200.
Bitcoin failed to get back down to $ 59,000 levels and ended the day back below $ 58,000.
The short term uptrend remained intact, aided by the rebound from below $ 55,000. For the bears, Bitcoin would have to slide through the 62% FIB of $ 26,041 to form a short-term bearish trend.
The rest of the pack
Tuesday was a mixed day for the other majors.
Crypto.com Coin and Polkadot were down 7.12% and 3.57%, respectively, to buck the trend and put Bitcoin in the red.
For the rest of the majors, however, it was a bullish day.
Ripple’s XRP rose 19.75% and led the pack, with Binance Coin (+ 9.63%), Chainlink (+ 7.38%) and Litecoin (+ 7.08%) also on the move.
However, Bitcoin Cash SV (+ 1.79%), Cardanos ADA (+ 3.40%) and Ethereum (+ 0.26%) followed the front runners.
This week, the overall crypto market fell to a Monday low of $ 1,815 billion before rising to a Tuesday high of $ 1,992 billion. At the time of writing, its total market cap was $ 1,928 billion.
Bitcoin’s dominance rose to a Monday high of 58.43% before falling to a Tuesday low of 55.77%. At the time of writing, Bitcoin was dominant at 56.31%.
At the time of writing, Bitcoin was up 0.24% to $ 58,133.0. On a mixed start to the day, Bitcoin fell to an early morning low of $ 57,958.0 before rising to a high of $ 58,189.0.
Bitcoin left key support and resistance levels untested early on.
Elsewhere it was a mixed start to the day.
Binance Coin (-0.46%), Polkadot (-0.61%) and Ripple’s XRP (-0.29%) saw red to buck the trend early on.
The story goes on
For the rest of the majors, however, it was a bullish start to the day.
At the time of writing, Crypto.com Coin and Litecoin were up 1.89% and 1.73%, respectively, to take the lead.
For the Bitcoin Day Ahead
Bitcoin would have to move through the pivot level at $ 58,297 to bring the first major resistance level into play at $ 59,193.
In order for Bitcoin to get back to $ 59,000 levels, it would require broader market support.
Aside from an extended crypto rally, the first major resistance level and resistance at $ 59,500 would likely limit an uptrend.
In the event of an extended crypto rally, Bitcoin could test resistance on the March swing to $ 61,699 before pulling back. The second major resistance level is at $ 60,395.
Failure to go through the $ 58,297 pivot will bring the first major support level of $ 57,095 into play.
Subject to another lengthy sell-off that day, Bitcoin should avoid the second major support level at $ 56,199.
This article was originally published on FX Empire