It’s a mixed start to the day for the majors. A Bitcoin move through to $59,000 levels would support a broad-based crypto rally
Bitcoin, BTC to USD, fell by 1.95% on Tuesday. Reversing a 1.55% gain from Monday, Bitcoin ended the day at $57,991.0
A mixed start to the day saw Bitcoin rise to an early morning intraday high $59,499.0 before hitting reverse.
Falling short of the first major resistance level at $59,980, Bitcoin fell to an early afternoon intraday low $57,401.0.
Bitcoin fell through the first major support level at $57,580 before briefly revisiting $58,200 levels.
Failing to move back through to $59,000 levels, Bitcoin eased back to end the day at sub-$58,000 levels.
The near-term bullish trend remained intact supported by the recovery from sub-$55,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 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.
Crypto.com Coin and Polkadot slid by 7.12% and by 3.57% to buck the trend and join Bitcoin in the red.
It was a bullish day for the rest of the majors, however.
Ripple’s XRP jumped by 19.75% to lead the pack, with Binance Coin (+9.63%), Chainlink (+7.38%), and Litecoin (+7.08%) also on the move.
This Morning
At the time of writing, Bitcoin was up by 0.24% to $58,133.0. A mixed start to the day saw Bitcoin fall to an early morning low $57,958.0 before rising to a high $58,189.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (-0.46%), Polkadot (-0.61%), and Ripple’s XRP (-0.29%) saw red to buck the trend early on.
It was a bullish start to the day for the rest of the majors, however.
At the time of writing, Crypto.com Coin and Litecoin were up by 1.89% and by 1.73% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the pivot level at $58,297 to bring the first major resistance level at $59,193 into play.
Support from the broader market would be needed for Bitcoin to break back through to $59,000 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $59,500 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at the March swing hi $61,699 before any pullback. The second major resistance level sits at $60,395.
Failure to move through the $58,297 pivot would bring the first major support level at $57,095 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $56,199.
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