It’s a mixed start to the day for the majors. A Bitcoin move back through to $57,000 levels would support a broad-based crypto rally.
A mixed start to the day saw Bitcoin rise to an early morning high and a new swing hi $56,444.0 before hitting reverse.
Falling short of the first major resistance level at $57,887, Bitcoin fell to a late morning low $55,050.0.
Steering well clear of the first major support levels, Bitcoin struck a mid-day intraday high and a new swing hi $57,485.0 before sliding back into the red.
The late sell off saw Bitcoin slide to an intraday low $54,000.0 before wrapping up the day at $55,700 levels.
In spite of the reversal, Bitcoin continued to steer well clear of the first major support level at $52,300.
The near-term bullish trend remained intact, supported by the Saturday’s new swing hi $52,577.0. For the bears, Bitcoin would need to slide through the 62% FIB of $24,431 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Saturday.
Cardano’s ADA and Polkadot rallied by 20.42% and by 11.81% respectively to lead the way.
Crypto.com Coin (+7.88%) also found strong support to buck the trend on the day.
It was a bearish day for the rest of the majors, however.
Binance Coin slid by 23.93% to lead the way down, with Bitcoin Cash SV (-10.59%) and Ripple’s XRP (-9.33%) struggling.
Chainlink (-2.00%), Ethereum (-2.17%), and Litecoin (-4.02%) also joined Bitcoin in the red.
In the current week, the crypto total market cap fell to a Monday low $1,350.01bn before rising to a Saturday high $1,778.34bn. At the time of writing, the total market cap stood at $1,657.19bn.
Bitcoin’s dominance fell to a Friday low 59.92% before rising to a Saturday high 63.52%. At the time of writing, Bitcoin’s dominance stood at 62.53%.
At the time of writing, Bitcoin was down by 0.41% to $55,546.0. A mixed start to the day saw Bitcoin rise to an early morning high $55,898.6 before falling to a low $55,432.5.
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 0.17% to buck the trend early on.
It was a bearish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was down by 5.71% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the pivot level at $56,104 to bring the first major resistance level at $57,158 into play.
Support from the broader market would be needed for Bitcoin to break back through to $57,000 levels.
Barring an extended crypto rally, the first major resistance level and Saturday’s new swing hi $57,485.0 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 $58,539.
Failure to move through the $56,104 pivot would bring the first major support level at $54,723 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $53,669.