Bitcoin, BTC to USD, rallied by 6.00% on Tuesday. Following a 5.24% gain on Monday, Bitcoin ended the day at $39,500.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $36,418.0 before making a move.
Steering clear of the first major support level at $34,804, Bitcoin rallied to a late intraday high $39,589.0.
In spite of the late rally, Bitcoin fell short of the first major resistance level at $40,166.
The near-term bullish trend remained intact, supported by the latest return to $40,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 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.
Polkadot slid by 2.64%, with Crypto.com Coin falling by 0.50% to buck the trend on the day.
It was a bullish day for the rest of the majors, however.
Chainlink rallied by 7.74% to lead the way once more.
Binance Coin (+3.21%), Bitcoin Cash SV (+4.06%), Ethereum (+3.23%), Litecoin (+2.78%), and Ripple’s XRP (+3.44%) also found strong support.
Cardano’s ADA (+2.00%) and trailed the front runners, however.
Early in the week, the crypto total market fell to a Monday low $1,379bn before rising to a Monday high $1,605bn. At the time of writing, the total market cap stood at $1,517bn.
Bitcoin’s dominance fell to a Monday low 47.07% before jumping to an early Wednesday high 48.79%. At the time of writing, Bitcoin’s dominance stood at 48.77%.
This Morning
At the time of writing, Bitcoin was down by 0.54% to $39,285.0. A mixed start to the day saw Bitcoin rise to an early morning high $39,590.4 before falling to a low $39,095.6.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin (+2.51%), Polkadot (+0.44%), and Ripple’s XRP (+0.21%) found early support.
It was a bearish start for the rest of the majors, however.
At the time of writing, Chainlink was down by 0.71% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $38,502 pivot to bring the first major resistance level at $40,587 into play.
Support from the broader market would be needed for Bitcoin to break back through to $40,000 levels.
Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.
In the event of another extended crypto rally, Bitcoin could test resistance at the 38.2% FIB of $41,592 before any pullback. The second major resistance level sits at $41,673.
A fall through the $38,502 pivot would bring the first major support level at $37,416 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $35,331.
This article was originally posted on FX Empire