Bitcoin, BTC to USD, rallied by 4.58% on Tuesday. Following a 2.10% gain on Monday, Bitcoin ended the day at $51,508.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $49,065.0 before making a move.
Steering clear of the first major support level at $47,598, Bitcoin rallied to a late intraday high $51,922.0.
Bitcoin broke through the first major resistance level at $50,204 and the second major resistance level at $51.167.
The breakout also saw Bitcoin break through the 23.6% FIB of $50,473 to end the day at $51,500 levels.
The near-term bullish trend remained intact, supported the latest return to $51,000 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 3.60% to buck the trend on the day.
It was a bullish day for the rest of the pack, however.
Binance Coin (+3.73%), Ethereum (+3.79%), Litecoin (+3.71%), and Ripple’s XRP (+3.95%) led the way.
Bitcoin Cash SV (+2.76%), Cardano’s ADA (+1.91%), Chainlink (+2.43%), and Crypto.com Coin, (+1.77%) trailed the front runners, however.
Early in the week, the crypto total market fell to a Monday low $2,082bn before rising to a Tuesday high $2,293bn. At the time of writing, the total market cap stood at $2,235bn.
Bitcoin’s dominance fell to a Monday low 42.06% before rising to a Tuesday high 43.50%. At the time of writing, Bitcoin’s dominance stood at 43.32%.
At the time of writing, Bitcoin was down by 0.17% to $51,423.0. A mixed start to the day saw Bitcoin rise to an early morning high $51,520.0 before falling to a low $51,235.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Cardano’s ADA (-0.09%), Polkadot (-0.11%), and Ripple’s XRP (-0.21%) joined Bitcoin in the red early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was up by 1.11% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $50,832 pivot to bring the first major resistance level at $52,598 into play.
Support from the broader market would be needed for Bitcoin to break back through to $52,000 levels.
Barring a broad-based crypto rally, the first major resistance level would likely cap the upside.
In the event of a broad-based crypto rally, Bitcoin could test resistance at $55,000 levels before any pullback. The second major resistance level sits at $53,689.
A fall through the $50,832 would bring the 23.6% FIB of $50,473 and the first major support level at $49,741 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$49,000. The second major support level sits at $47,975.
This article was originally posted on FX Empire