Bitcoin, BTC to USD, rose by 1.55% on Monday. Following on from a 2.12% gain from Sunday, Bitcoin ended the day at $59,145.0.
A mixed start to the day saw Bitcoin rise to an early morning high $58,430.0 before hitting reverse.
Falling short of the first major resistance level at $58,980, Bitcoin fell to a late morning intraday low $56,850.0.
Bitcoin fell through the first major support level at $57,000 before bouncing back to a late afternoon intraday high $59,250.0.
Bitcoin broke through the first major resistance level at $58,980 to end the day at $59,000 levels.
The near-term bullish trend remained intact supported by the recovery from sub-$57,000 levels. 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 bullish day on Tuesday.
In the current week, the crypto total market fell to a Monday low $1,815bn before rising to a high $1.957bn. At the time of writing, the total market cap stood at $1,872bn.
Bitcoin’s dominance rose to a Monday high 58.43% before falling to a Monday low 56.56%. At the time of writing, Bitcoin’s dominance stood at 58.01%.
At the time of writing, Bitcoin was up by 0.27% to $59,307.0. A mixed start to the day saw Bitcoin rise to an early morning high $59,444.0 before falling to a low $59,109.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day for the majors.
Ripple’s XRP led the way down, falling by 2.01%.
Cardano’s ADA (-0.55%), Chainlink (-0.05%), Crypto.com Coin (-1.35%), and Polkadot (-1.08%) also saw red.
It was a bullish start for the rest of the majors, however.
At the time of writing, Litecoin was up by 1.91% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $58,415 to bring the first major resistance level at $59,980 into play.
Support from the broader market would be needed for Bitcoin to break out from $59,500 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $60,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at the March swing hi $61,699 before any pullback. The second major resistance level sits at $60,815.
Failure to avoid a fall through the $58,415 pivot would bring the first major support level at $57,580 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $56,015.