Bitcoin, BTC to USD, fell 1.00% on Friday. Bitcoin partially reversed a 3.44% rally from Thursday, ending the day at $ 57,297.0.
It was a mixed start to the day. Bitcoin rose to an early morning intraday high of $ 58,159.0 before hitting reverse.
Bitcoin trailed the first major resistance level at $ 59,295, falling to an early afternoon intraday low of $ 55,183.0.
Bitcoin fell through the first major support level at $ 55,430 before briefly bouncing back to $ 57,800.
Bitcoin fell below $ 58,000 and fell back to end the day below $ 57,300.
The short-term uptrend remained intact, aided by the recent visit to $ 58,000. 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
For the other majors it was a mixed day on Friday.
Litecoin rose 9.61% and Crypto.com Coin rose 3.56% to defy the trend of the day.
It was a bearish day for the rest of the majors.
Binance Coin slipped 9.21% to point the way down, with Cardanos ADA (-8.10%) and Chainlink (-5.75%) not far behind.
Bitcoin Cash SV (-1.30%), Ethereum (-3.22%), Polkadot (-1.54%) and Ripple’s XRP (-2.80%) also saw red.
This week, the overall crypto market fell to a Monday low of $ 1,508 billion before rising to a Thursday high of $ 1,769 billion. At the time of writing, its total market cap was $ 1,727 billion.
Bitcoin’s dominance fell to a Tuesday low of 60.13% before rising to a Friday high of 63.23%. At the time of writing, Bitcoin was dominated by 62.35%.
At the time of writing, Bitcoin was down 1.36% to $ 56,517.0. On a mixed start to the day, Bitcoin rose to an early morning high of $ 57,358.0 before falling to a low of $ 56,504.0.
Bitcoin left key support and resistance levels untested early on.
Elsewhere it was a mixed start to the day.
Bitcoin Cash SV gained 2.01% to buck the trend early.
It was a bearish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was down 3.84% to lead the way down.
The story goes on
For the Bitcoin Day Ahead
Bitcoin would have to go back through the pivot level at $ 56,880 to bring the first major resistance level into play at $ 58,576.
Support from the broader market would be required for Bitcoin to break out of the $ 58,321.2 swing in February.
Aside from an extended crypto rally, the first major resistance level and resistance at $ 59,000 would likely limit an uptrend.
In the event of an extended crypto rally, Bitcoin could test resistance at $ 60,000. The second major resistance level is at $ 59,856.
Failure to recapture the $ 56,880 pivot will bring the first major support level of $ 55,600 into play.
Subject to an extended sell-off that day, Bitcoin should control clear levels below USD 54,000. The second major support level is at $ 53,904.
This article was originally published on FX Empire