It's a bullish start to the day for Bitcoin. A breakthrough to $14,000 would $14,500 into play...
Bitcoin, BTC to USD, rallied by 4.34% on Tuesday. Following on from a 0.18% gain on Monday, Bitcoin ended the day at $13,626.0.
It was a bullish start to the day. Bitcoin rallied from an early morning intraday low $13,054.0 to a late intraday high $13,769.0.
Bitcoin broke through the first major resistance level at $13,275 and the second major resistance level at $13,491.
A pullback in the final hour, however, saw Bitcoin wrap up the day at sub-$13,700 levels.
The near-term bullish trend remained intact, supported by the latest move through to $13,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.
Across the rest of the majors, it was a mixed day on Tuesday.
Cardano’s ADA (-0.56%) and Polkadot (-4.72%) bucked the trend on the day.
It was a bullish day for the rest of the majors.
Ethereum led the way, rallying by 3.22%.
Binance Coin (+1.38%), Bitcoin Cash ABC (+1.33%), Chainlink (+1.97%), Crypto.com Coin (+2.49%), Litecoin (+2.20%), and Ripple’s XRP (+1.72%) also found strong support.
Bitcoin Cash SV trailed with a 0.26% gain.
In current the week, the crypto total fell to a Monday $378.22bn low before rising to a Tuesday $410,2bn high. At the time of writing, the total market cap stood at $403.43bn.
Bitcoin’s dominance fell to a Monday low of 61.54% before rising to a Wednesday 63.08% high. At the time of writing, Bitcoin’s dominance stood at 63.04%.
At the time of writing, Bitcoin was up by 0.67% to $13,717.0. A mixed start to the day saw Bitcoin fall to an early morning low $13,593.0 before rising to a high $13,718.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day. Ripple’s XRP was down by 0.27% to buck the trend early on.
Elsewhere it was a bullish start to the day.
At the time of writing, Chainlink was up by 1.00% to lead the way.
Bitcoin would need to avoid a fall through the pivot level at $13,483 to bring the first major resistance level at $13,912 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from Tuesday’s high $13,769.0.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of another crypto breakout, Bitcoin could test resistance at $14,500 before any pullback. The second major resistance level sits at $14,198.
Failure to avoid a fall through the $13,483 pivot would bring the first major support level at $13,197 into play.
Barring an extended crypto sell-off, Bitcoin should steer well clear of sub-$13,000 levels. The second major support level sits at $12,768.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.