Bitcoin, BTC to USD, rose by 1.89% on Saturday. Following a 0.28% gain on Friday, Bitcoin ended the day at $54,968.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $53,678.0 before making a move.
Steering clear of the first major support level at $53,051, Bitcoin rose to an early afternoon intraday high $55,475.0.
Bitcoin broke through the first major resistance level at $55,422 before falling back to sub-$54,500 levels.
Finding late support, however, Bitcoin tested resistance at $55,000 before easing back.
The near-term bullish trend remained intact, supported the latest return to $56,000 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 Saturday.
Crypto.com Coin bucked the trend, falling by 0.45%.
It was a bullish day for the rest of the majors, however.
Ripple’s XRP jumped by 9.03% to lead the way, with Polkadot (+6.96%) close behind.
In the current week, the crypto total market fell to a Monday low $2,009bn before rising to a Friday high $2,425bn. At the time of writing, the total market cap stood at $2,351bn.
Bitcoin’s dominance fell to a Tuesday low 42.52% before rising to a Wednesday high 45.62%. At the time of writing, Bitcoin’s dominance stood at 43.98%.
At the time of writing, Bitcoin was down by 0.11% to $54,907.0. A mixed start to the day saw Bitcoin rise to an early morning high $54,984.0 before falling to a low $54,871.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bearish start to the day.
At the time of writing, Litecoin was down by 0.74% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $54,707 pivot to bring the first major resistance level at $55,736 into play.
Support from the broader market would be needed for Bitcoin to break out from Saturday’s high $55,475.0.
Barring a broad-based crypto rally, the first major resistance level and resistance at $56,000.0 would likely cap the upside.
In the event of a broad-based crypto rally, Bitcoin could test resistance at $58,000 levels before any pullback. The second major resistance level sits at $56,504.
A fall through the $54,707 would bring the first major support level at $53,939 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$52,000, The second major support level at $52,910 should limit the downside.
This article was originally posted on FX Empire