Bitcoin, BTC to USD, was up 1.89% on Saturday. Following a 0.28% gain on Friday, Bitcoin ended the day at $ 54,968.
A mixed start to the day caused Bitcoin to drop to an early morning intraday low of $ 53,678.0 before making a move.
Staying clear of the first major support level at $ 53,051, Bitcoin rallied to an early afternoon intraday high of $ 55,475.0.
Bitcoin broke the first major resistance level at $ 55,422 before falling back to levels below $ 54,500.
However, finding late support, Bitcoin tested resistance at $ 55,000 before turning back.
The short-term uptrend remained intact, supporting the latest return to $ 56,000 levels. For bears, Bitcoin would need a sustained drop through the 62% FIB to $ 27,237 to form a short-term downtrend.
The rest of the pack
In the rest of the majors, Saturday was a mixed day.
Crypto.com currency broke the trend, falling 0.45%.
However, it was a bullish day for the rest of the majors.
Ripple XRP jumped 9.03% to lead the way, with Polkadot (+ 6.96%) very close.
In the current week, the total crypto market fell to a Monday low of $ 2.009 billion before climbing to a Friday high of $ 2.425 billion. At the time of writing, the total market capitalization was $ 2.351 billion.
Bitcoin’s dominance fell to a Tuesday low of 42.52% before rising to a Wednesday high of 45.62%. At the time of this writing, Bitcoin’s dominance was 43.98%.
At the time of writing, Bitcoin is down 0.11% to $ 54,907.0. A mixed start to the day saw Bitcoin rise to a morning high of $ 54,984.0 before dropping to a low of $ 54,871.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bearish start to the day.
At the time of writing, Litecoin is down 0.74% to lead the way down.
For the Bitcoin day ahead
Bitcoin would have to avoid the pivot of $ 54,707 to bring the first major resistance level into play at $ 55,736.
Overall market support would be needed for Bitcoin to break out of Saturday’s high of $ 55,475.0.
Barring a broad-based crypto rally, the first major resistance level and resistance at $ 56,000.0 would likely limit the upside.
In the event of a broad-based crypto rally, Bitcoin could test resistance at $ 58,000 levels before any pullbacks. The second main resistance level sits at $ 56,504.
A drop through $ 54,707 would put the first major support level into play at $ 53,939.
Barring an extended sell-off on the day, Bitcoin should stay away from less than $ 52,000. The second major support level at $ 52,910 should limit the downside.
This Article was originally published on FX Empire