Bitcoin, BTC to USD, gained 4.88% on Tuesday. After gaining 2.72% on Monday, Bitcoin ended the day at $ 54,955.3.
On a mixed start to the day, Bitcoin fell from an early morning high of $ 51,993 before moving.
Bitcoin stayed away from the first major support level at $ 50,364, hitting a high of $ 54,839.0 in the early afternoon.
Bitcoin broke the first major resistance level at $ 53,439 and the second major resistance level at $ 54,479.
On a late pullback, Bitcoin fell below $ 53,800 on the second major resistance level.
However, when bitcoin found support late, it broke the second major resistance level and hit a day-end high of $ 54,955.3.
The short term uptrend remained intact, helped by a return to a level of $ 54,000. For the bears, Bitcoin would have to slide through the 62% FIB of $ 24,751 to form a short-term bearish trend.
The rest of the pack
Tuesday was a mixed day for the other majors.
Bitcoin Cash SV (-0.23%) and Chainlink (-1.01%) saw red to buck the trend of the day.
It was a bullish day for the rest of the majors.
Binance Coin rose 21.95%, leading the way.
Cardanos ADA (+ 7.03%), Crypto.com Coin (+ 5.67%), Litecoin (+ 6.29%) and Polkadot (+ 4.21%) also found strong support.
However, Ethereum (+ 2.02%) and Ripple’s XRP (+ 2.38%) lagged behind the front runners.
This week, the overall crypto market fell to a Monday low of $ 1,508 billion before rising to a Tuesday high of $ 1,700 billion. At the time of writing, its total market cap was $ 1,696 billion.
Bitcoin’s dominance rose to a Tuesday high of 61.71% before falling to a Tuesday low of 60.13. At the time of writing, Bitcoin was dominant at 61.06%.
At the time of writing, Bitcoin was up 1.17% to $ 55,600.0. On a mixed start to the day, Bitcoin fell to an early morning low of $ 54,900.0 before rising to a high of $ 55,666.0.
Bitcoin left key support and resistance levels untested early on.
Elsewhere it was a mixed start to the day.
The story goes on
Binance Coin (-0.76%), Ethereum (-0.20%) and Polkadot (-0.87%) saw red to buck the trend early on.
For the rest of the majors, however, it’s been a bullish start.
At the time of writing, Crypto.com Coin was up 1.68% to take the lead.
For the Bitcoin Day Ahead
Bitcoin would have to avoid a drop in the pivot level at $ 53,967 to bring the first major resistance level into play at $ 55,943.
Support from the broader market would be required for Bitcoin to break out of this morning’s high of $ 55,666.0.
Aside from an extended crypto rally, the first major resistance level and resistance at $ 56,000 would likely limit an uptrend.
In the event of an extended crypto rally, Bitcoin could test resistance on the February swing at $ 58,321.2 before pulling back. The second major resistance level is at $ 56,930.
Unless a fall from the $ 53,967 pivot is avoided, the first major support level at $ 52,980 would come into play.
Subject to an extended sell-off that day, Bitcoin should control clear levels below USD 52,000. The second major support level is at $ 51,006.
This article was originally published on FX Empire