Bitcoin rallied by 8.36% on Tuesday. Reversing a 0.97% fall from Monday, Bitcoin ended the day at $8,772.6.
Bullish throughout the day, Bitcoin rallied from an early morning intraday low $8,095.8 to a late intraday high $8,829.0.
Steering clear of the major support levels, Bitcoin broke through the major resistance levels and 23.6% FIB of $8,200.
While pulling back from $8,800 levels, Bitcoin held above the third major resistance level at $8,408.57 at the day end.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of the upward momentum.
For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was a particularly bullish day for the majors.
Bitcoin Cash SV led the way, surging by a whopping 145%.
Bitcoin Cash ABC (+30.69%), EOS (+22.09%), Ethereum (+15.51%), Litecoin (+17.81%), Ripple’s XRP (+10.68%), and Tron’s TRX (+13.38%) also bounced.
Binance Coin (+9.63%), Monero’s XMR (+8.54%), and Stellar’s Lumen (+9.03%) trailed the pack on the day.
Through the start of the week, the crypto total market cap rallied from a Monday low $215.38 to a Tuesday current week high $244.24bn. At the time of writing, the total market cap stood at $243bn.
Bitcoin’s dominance tumbled to 65% levels as the broader market surged on Tuesday. Trading volumes also jumped, hitting $168bn levels before easing back. At the time of writing, 24-hr volumes stood at $167.5bn.
At the time of writing, Bitcoin was down by 0.38% to $8,739.7. A mixed start to the day saw Bitcoin fall to an early morning low $8,661.5 before striking a high $8,859.7.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV was down by 7.28% to lead the way down. Ethereum and Bitcoin Cash ABC also joined Bitcoin in the red, with early losses of 0.62% and 0.26% respectively.
It was bullish for the rest of the pack, however.
Binance Coin (2.68%), Monero’s XMR (+3.81%), and Stellar’s Lumen (+3.65%) led the way early on.
EOS (+0.60%), Litecoin (+1.08%), Ripple’s XRP (+0.88%), and Tron’s TRX (+1.88%) saw modest gains.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the morning high $8,859.7 to support a run at the first major resistance level at $9,035.8.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high to $9,000 levels.
Barring a broad-based extended crypto rally on the day, the first major resistance level at $9,035.8 would likely cap any upside.
Failure to break through the morning high could see Bitcoin give up some of Tuesday’s gains.
A fall back through the morning low $8,661.5 to sub-$8,600 levels would bring the first major support level at $8,302.6 into play.
Barring a crypto meltdown, however, Bitcoin should avoid sub-$8,600 levels on the day.
This article was originally posted on FX Empire
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