It’s a mixed start to the day for the majors. A Bitcoin move through to $57,000 levels should support the broader market, however.
17 hours ago
Bitcoin, BTC to USD, rose by 1.64% on Saturday. Consolidating Friday’s 7.08% rally, Bitcoin ended the day at $55.886.0.
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A mixed start to the day saw Bitcoin fall to a mid-day intraday low $54,010.0 before making a move.
Steering clear of the first major support level at $52,529, Bitcoin rallied to a late intraday high $56,655.0.
Bitcoin broke through the first major resistance level at $56,229 before falling back to sub-$56,000 levels.
The near-term bullish trend remained intact in spite of the recent pullback. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 to form a near-term bearish trend.
Across the rest of the majors, it was a mixed day on Saturday.
Cardano’s ADA and Polkadot fell by 3.08% and by 3.05% to lead the way down.
Chainlink (-2.03%), Crypto.com Coin (-0.59%), and Ripple’s XRP (-3.42%) also saw red on the day.
It was a bullish day for the rest of the majors, however.
Binance Coin rallied by 5.49% to lead the way.
Bitcoin Cash SV (+2.77%), Ethereum (+0.82%), and Litecoin (+0.23%) also joined Bitcoin in the green.
In the current week, the crypto total market rose to a Monday high $1,802bn before sliding to a Thursday low $1,517bn. At the time of writing, the total market cap stood at $1,707bn.
Bitcoin’s dominance rose to a Wednesday high 62.24% before falling to a Friday low 60.17%. At the time of writing, Bitcoin’s dominance stood at 61.08%.
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At the time of writing, Bitcoin was up by 0.02% to $55,895.0. A mixed start to the day saw Bitcoin fall to an early morning low $55,859.0 before rising to a high $56,029.0
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin was up by 0.12% to join Bitcoin in the green.
It was a bearish start for the rest of the majors, however.
At the time of writing, Ripple’s XRP was down by 0.67% to lead the way down.
Bitcoin would need to avoid a fall through the pivot level at $55,517 to bring the first major resistance level at $57,024 into play.
Support from the broader market would be needed for Bitcoin to break out from Saturday’s high $56,655.0.
Barring an extended crypto rally, the first major resistance level and resistance at $57,500 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $60,000 before any pullback. The second major resistance level sits at $58,162.
Failure to avoid a fall through the $55,517 pivot would bring the first major support level at $54,379 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $52,872.
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