Bitcoin, BTC to USD, fell by 2.78% on Thursday. Partially reversing a 7.45% rally from Wednesday, Bitcoin ended the day at $53,797.0.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $55,349.0 before hitting reverse.
Falling well short of the first major resistance level at $57,239, Bitcoin slid to an early afternoon intraday low $53,429.0.
Steering clear of the first major support level at $51,934, however, Bitcoin revisited $54,600 levels before ending the day at sub-$54,000 levels.
The near-term bullish trend remained intact, supported the latest return to $55,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Thursday.
It was a bullish day for the rest of the majors, however.
In the current week, the crypto total market fell to a Monday low $2,082bn before rising to a Wednesday high $2,404bn. At the time of writing, the total market cap stood at $2,315bn.
Bitcoin’s dominance fell to a Monday low 42.06% before rising to a Wednesday high 45.04%. At the time of writing, Bitcoin’s dominance stood at 43.88%.
At the time of writing, Bitcoin was up by 0.28% to $53,949.0. A mixed start to the day saw Bitcoin fall to an early morning low $53,754.0 before rising to a high $53,987.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV (-0.65%), Crypto.com Coin (-0.10%), and Polkadot (-0.02%) bucked the early trend.
It’s been a bullish start for the rest of the majors, however.
At the time of writing, Litecoin was up by 0.71% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $54,192 pivot to bring the first major resistance level at $54,954 into play.
Support from the broader market would be needed for Bitcoin to break out from $54,500 levels.
Barring a broad-based crypto rally, the first major resistance level and Thursday’s high $55,349.0 would likely cap the upside.
In the event of a broad-based crypto rally, Bitcoin could test resistance at $57,000 levels before any pullback. The second major resistance level sits at $56,112.
Failure to move through the $54,192 would bring the first major support level at $53,034 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$52,000, The second major support level at $52,272 should limit the downside.
This article was originally posted on FX Empire