Bitcoin, BTC to USD, rose by 0.08% on Saturday. Following a 0.71% gain on Friday, Bitcoin ended the day at $58,079.0.
A bearish start to the day saw Bitcoin fall to an early morning intraday low $57,800.0 before making a move.
Steering clear of the first major support level at $56,391 Bitcoin rallied to an early afternoon intraday high $60,000.0.
Bitcoin broke through the first major resistance level at $59,594 before Sliding back to end the day at sub-$58,100 levels.
The near-term bullish trend remained intact supported by last Sunday’s new swing hi $61,699.0. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Saturday.
Ripple’s XRP jumped by 12.62% to lead the way on the day.
Binance Coin (+0.47%) and Litecoin (+0.14%) also joined Bitcoin in the green.
It was a bearish day for the rest of the majors, however.
Cardano’s ADA slid by 7.33% to lead the way down.
In the current week, the crypto total market fell to a Tuesday low $1,593bn before rising to a Saturday high $1,839bn. At the time of writing, the total market cap stood at $1,749bn.
Bitcoin’s dominance rose to a Monday high 63.03% before falling to a Saturday low 60.83%. At the time of writing, Bitcoin’s dominance stood at 61.72%.
At the time of writing, Bitcoin was down by 0.49% to $57,797.0. A bearish start to the day saw Bitcoin fall from an early morning high $58,064.0 to a low $57,731.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Chainlink bucked the trend early on, rising by 0.03%.
It was a bearish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was down by 6.65% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the pivot level at $58,626 to bring the first major resistance level at $59,453 into play.
Support from the broader market would be needed for Bitcoin to break back through to $59,000 levels.
Barring an extended crypto rally, the first major resistance level and Saturday’s high $60,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at last Sunday’s new swing hi $61,699.0. The second major resistance level sits at $60,826.
Failure to move through the $58,626 pivot would bring the first major support level at $57,253 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$56,500 levels. The second major support level sits at $56,426.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.