Bitcoin, BTC to USD, rose 2.68% on Tuesday. Bitcoin partially reversed a 11.01% decline from Monday, ending the day at $ 32,572.0.
A mixed start to the day resulted in Bitcoin climbing to an early morning intraday high of $ 33,368.0 before entering reverse.
Bitcoin missed the first major resistance level of $ 34,583 and slid to an early afternoon intraday low of $ 29,247.0.
Bitcoin fell through the first major support level at $ 30,119 before hitting the $ 33,300 level again.
Bitcoin continued to lag behind the day’s major resistance levels, closing the day back below $ 33,000.
The short-term uptrend has remained intact despite the recent drop below $ 30,000. For the bears, Bitcoin would need a sustained drop through the 62% FIB of $ 27,237 to form a short-term downtrend.
The rest of the package
For the other majors, Tuesday was a mixed day for the majors.
Polkadot and Ripple’s XRP slid 9.13% and 10.79% to lead the way down, with Crypto.com Coin down 8.18%.
Binance Coin (-3.22%), Bitcoin Cash SV (-5.84), Cardanos ADA (-1.50%), Chainlink (-3.47%) and Litecoin (-3.67%) also had difficulties .
Ethereum fell a modest 0.20% that day.
At the start of the week, the overall crypto market rose to a Monday high of $ 1,488 billion before falling to a low of $ 1,128 billion on Tuesday. At the time of writing, its total market cap was $ 1,254 billion.
Bitcoin’s dominance fell to a Monday low of 45.03% before rising to a Tuesday high of 47.97%. At the time of writing, Bitcoin was dominated by 48.15%.
At the time of writing, it was bitcoin.
Bitcoin left key support and resistance levels untested early on.
Elsewhere it was a bearish start to the day.
At the time of writing, Cardano’s ADA was down 2.36% to lead the way down.
For the coming Bitcoin day
Bitcoin would have to avoid the $ 31,729 pivot to bring into play the first major resistance level at $ 34,211.
In order for Bitcoin to break back to a level of $ 34,000, support from the broader market would be required.
The story goes on
Without a broad crypto rebound, the first major resistance level would likely limit any uptrend.
In the event of another extended crypto rally, Bitcoin could test the second major resistance level at $ 35,850.
A fall through the $ 31,729 pivot would bring the first major support level into play at $ 30,090.
Aside from another lengthy sell-off that day, Bitcoin should stay away from $ 29,000. The second major level of support is at $ 27,608.
This article was originally published on FX Empire