Bitcoin fell by 0.64% on Tuesday. Partially reversing Monday’s 4.28% rally, Bitcoin ended the day at $9,635.2.
It was a bearish start to the day for Bitcoin and the broader market.
Bitcoin slid from an early morning intraday high $9,724.0 to a late morning intraday low $9,589.7.
Steering well clear of the first major support level at $9,390.27, Bitcoin recovered to $9,700 levels before easing back.
A late pullback saw Bitcoin fall back to a low $9,611.8 and into the red before steadying.
The near-term bullish trend remained intact in spite of a 2nd consecutive week in the red last week. Bitcoin continued to hold above the 23.6% FIB of $8,900.
For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Tuesday.
Monero’s XMR (+1.06%), Tezos (+3.84%), and Tron’s TRX (+0.54%) found further support.
It was bearish for the rest of the majors, however.
Cardano’s ADA and Stellar’s Lumen fell by 1.02% and 1.13% respectively to lead the way down.
Binance Coin (-0.73%), EOS (-0.66%), and Litecoin (-0.45%) weren’t far behind.
Bitcoin Cash SV (-0.10%), Ethereum (-0.05%), and Ripple’s XRP (-0.15%) saw more modest, while Bitcoin Cash ABC ended the day flat.
Through the start of the week, the crypto total market cap rose from a Monday low $258.11bn to a high $272.54bn. At the time of writing, the total market cap stood at $269.02bn.
Bitcoin’s dominance fell to a Monday low 65.85% before jumping to a high 66.20%. At the time of writing, Bitcoin’s dominance stood at 65.89%.
At the time of writing, Bitcoin was up by 0.15% to $9,649.6. A mixed start to the day saw Bitcoin fall to an early morning low $9,633.7 before striking a high $9,658.7.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day for the majors.
Tron’s TRX bucked the trend, with a 0.04% loss at the time of writing. It was bullish for the rest of the majors, with Tezos rallying by 1.80% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $9,650 pivot to support a run at the first major resistance level at $9,709.57.
Support from the broader market would be needed, however, for Bitcoin to break back through to $9,700 levels.
Barring another extended crypto rally, the first major resistance level and Tuesday’s high $9,724 would likely cap any upside.
In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,783.93 and resistance at $9,800.
Failure to move through the $9,650 pivot level could see Bitcoin struggle on the day.
A fall through the morning low $9,633.7 would bring the first major support level at $9,575.27 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer well clear of sub-$9,500 levels. The second major support level at $9,515.33 should limit any downside on the day.
This article was originally posted on FX Empire
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