Bitcoin, BTC to USD, fell 2.65% on Tuesday. After a loss of 2.33% on Monday, Bitcoin ended the day at $ 41,064.0.
A bullish start to the day saw Bitcoin hit an early morning intraday high of $ 42,777.0 before reversing.
Below the first major resistance level at $ 43,646, Bitcoin slipped to an intraday low of $ 40,928.0.
Bitcoin fell through the 38.2% FIB of $ 41,592 and the first major support level at $ 41,425 to end the day at levels below $ 41,100.
The short-term uptrend has remained intact, despite the latest return to levels below $ 40,000. For bears, Bitcoin would need a sustained decline through the 62% FIB from $ 27,237 to form a short-term downtrend.
The rest of the pack
In the rest of the majors, it was a bearish day on Tuesday.
Crypto.com coin slipped 6.28% to lead the way on the downside.
Chain link (-4.25%), The Cardano ADA (-4.43%), Ethereum (-4.12%), Litecoin (-3.12%), and Ripple’s XRP (-3.07%) also experienced difficulties.
Binance Coin (-0.73%), Bitcoin Cash SV (-1.78%), Polkadot (-2.48%) and however suffered relatively modest losses.
At the start of the week, the total crypto market peaked at $ 2.014 billion on Monday before falling to a low on Tuesday of $ 1,809 billion. At the time of writing, the total market capitalization was $ 1.829 billion.
Bitcoin’s dominance fell to a Monday low of 41.46% before hitting a Tuesday high of 42.56%. At the time of writing this article, Bitcoin’s dominance stands at 42.24%.
This morning
As of this writing, Bitcoin was down 0.11% at $ 41,017.5. A mixed start to the day saw Bitcoin fall to a low of $ 40,991.0 early in the morning before climbing to $ 41,208.0.
Bitcoin left major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV (-0.85%), Cardano’s ADA (-0.12%) and Crypto.com Coin (-1.25%) joined Bitcoin in the red from the start.
It was a relatively bullish start for the rest of the majors, however.
At the time of writing, Chainlink was up 0.65% to lead the way.
For Bitcoin Day Ahead
Bitcoin would need to break through the pivot of $ 41,590 and the 38.2% FIB of $ 41,592 to bring into play the first major resistance level at $ 42,251.
Broad market support would be needed for Bitcoin to return to levels of $ 42,000.
Barring a large scale crypto rally, the first major resistance level and Tuesday’s $ 42,777.0 high would likely cap the upside.
In the event of a large-scale crypto rally, Bitcoin could test resistance at levels of $ 44,000 before any pullback. The second major resistance level is located at $ 43,439.
Failure to break through the pivot of $ 41,590 and 38.2% WIF of $ 41,592 would bring into play the first major support level at $ 40,402.
Barring another extended sale that day, Bitcoin is expected to avoid the $ 39,000. The second major support level at $ 39,741 should limit the decline.
This item was originally posted on FX Empire
