Bitcoin, BTC to USD, slipped 11.06% on Tuesday. Reversing a 1.73% gain from Monday, Bitcoin ended the day at $ 46,849.0.
A mixed start to the day saw Bitcoin hit an early morning intraday high of $ 52,888.0 before reversing.
Below the first major resistance level at $ 53,262, Bitcoin fell to an intraday low of $ 43,220.0 by mid-afternoon.
Bitcoin fell through the day’s major support levels and also through the 23.6% FIB of $ 50,473.
Finding late support, Bitcoin briefly revisited $ 47,000 levels before slowing down.
The short-term uptrend has remained intact, despite the latest return to levels of $ 43,000. For bears, Bitcoin would need a sustained decline through the 62% FIB of $ 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
Ripple’s XRP fell 19.26% to lead the way.
Bitcoin Cash SV (-18.26%), Chainlink (-18.90%) and Litecoin (-18.73%) were not far behind.
Binance Coin (-15.66%), Cardano’s ADA (-11.31%), Crypto.com Coin (-15.80%), Ethereum (-12.52%) and Polkadot (-8.63 %) were also in deep red.
At the start of the week, the total crypto market peaked at $ 2.437 billion on Tuesday before dropping to a low on Tuesday of $ 1.835 billion. At the time of writing, the total market cap was $ 2,087 billion.
Bitcoin’s dominance fell to a Tuesday low of 40.85% before climbing back to a Tuesday high of 43.65%. At the time of writing this article, Bitcoin’s dominance stands at 42.09%.
As of this writing, Bitcoin was down 0.46% to $ 46,633.0. A mixed start to the day saw Bitcoin hit an early morning high of $ 46,968.0 before falling to a low of $ 46,402.0
Bitcoin left major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin held up to the initial trend, rising 1.02%.
It was a bearish start for the rest of the majors, however.
At the time of writing this article, Bitcoin Cash SV was down 2.20% to lead the way on the downside.
For Bitcoin Day Ahead
Bitcoin would need to move the pivot of $ 47,652 to bring into play the first major resistance level at $ 52,085.
Broad market support would be needed for Bitcoin to exit the 23.6% FIB of $ 50,473.
Barring a large scale crypto rally, the 23.6% FIB would likely leave Bitcoin below the first major resistance level.
In the event of a widespread crypto rebound, Bitcoin could test resistance at $ 55,000 before any pullback. The second major resistance level is located at $ 57,320.
Failure to break through the pivot of $ 47,652 would bring into play the first major support level at $ 42,417.
Unless another extended sell off that day, Bitcoin is expected to avoid the 38.2% FIB of $ 41,592. The second major support level is at $ 37,984.