Bitcoin, BTC to USD, rose 2.87% on Thursday. After gaining 3.44% on Wednesday, Bitcoin ended the day at $ 34,665.0.
A mixed start to the day caused Bitcoin to hit an early morning intraday low of $ 32,343.0 before making a move.
To bypass the first major support level at $ 32,061, Bitcoin rebounded to a late intraday high at $ 35,290.0.
Bitcoin broke the first major resistance level at $ 35,049 before falling below $ 35,000.
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, Thursday was a mixed day for the majors.
Polkadot fell 0.26% to counter the trend of the day.
For the rest of the majors, however, it was a bullish day.
Cardano’s ADA gained 8.74% to take the lead, closely followed by Bitcoin Cash SV (+6.08).
Binance Coin (+ 4.16%), Chainlink (+ 3.41%), Crypto.com Coin (+ 5.37%), Litecoin (+ 4.11%) and Ripple’s XRP (+ 4.65%) also posted solid gains.
However, Ethereum lagged the field, rising a more modest 1.04% that day.
For the current week, the overall crypto market rose to a Monday high of $ 1,488 billion before falling to a low of $ 1,129 billion on Tuesday. At the time of writing, its total market cap was $ 1,381 billion.
Bitcoin’s dominance fell to a Monday low of 45.03% before rising to a Wednesday high of 48.28%. At the time of writing, Bitcoin was dominant at 47.17%.
At the time of writing, Bitcoin was up 0.30% to $ 34,768.0. A bullish start to the day caused Bitcoin to climb from an early morning low of $ 34,652.0 to a high of $ 34,927.0.
Bitcoin left key support and resistance levels untested early on.
Elsewhere it was a bullish start to the day.
At the time of writing, Crypto.com Coin was up 2.96% to lead the way.
For the coming Bitcoin day
Bitcoin would have to avoid the $ 34,099 pivot to bring into play the first major resistance level at $ 35,856.
The story goes on
Support from the broader market would be required for Bitcoin to break out of Thursday’s high of $ 35,290.0.
Aside from a broad crypto rebound, the first major resistance level and resistance at $ 36,000 would likely limit any uptrend.
In the event of an extended crypto rally, Bitcoin could test resistance at $ 38,000 before retreating. The second major resistance level is at $ 37,046.
A fall through the $ 34,099 pivot would bring the first major support level into play at $ 32,909.
Aside from an extended sell-off that day, Bitcoin should avoid the second major support level at $ 31,152.
This article was originally published on FX Empire