Bitcoin, BTC to USD, fell by 2.65% on Tuesday. Following a 2.33% loss on Monday, Bitcoin ended the day at $41,064.0.
A bullish start to the day saw Bitcoin rise to an early morning intraday high $42,77.0 before hitting reverse.
Falling short of the first major resistance level at $43,646, Bitcoin slid to a late intraday low $40,928.0.
Bitcoin fell through the 38.2% FIB of $41,592 and the first major support level at $41,425 to end the day at sub-$41,100 levels.
The near-term bullish trend remained intact, in spite of the latest return to sub-$40,000 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 bearish day on Tuesday.
Crypto.com Coin slid by 6.28% to lead the way down.
Early in the week, the crypto total market rose to a Monday high $2,014bn before sliding to a Tuesday low $1,809bn. At the time of writing, the total market cap stood at $1,829bn.
Bitcoin’s dominance fell to a Monday low 41.46% before rising to a Tuesday high 42.56%. At the time of writing, Bitcoin’s dominance stood at 42.24%.
At the time of writing, Bitcoin was down by 0.11% to $41,017.5. A mixed start to the day saw Bitcoin fall to an early morning low $40,991.0 before rising to a high $41,208.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV (-0.85%), Cardano’s ADA (-0.12%), and Crypto.com Coin (-1.25%) joined Bitcoin in the red early on.
It was a relatively bullish start for the rest of the majors, however.
At the time of writing, Chainlink was up by 0.65% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $41,590 pivot and the 38.2% FIB of $41,592 to bring the first major resistance level at $42,251 into play.
Support from the broader market would be needed for Bitcoin to break back through to $42,000 levels.
Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $42,777.0 would likely cap the upside.
In the event of a broad-based crypto rally, Bitcoin could test resistance at $44,000 levels before any pullback. The second major resistance level sits at $43,439.
Failure to move through the $41,590 pivot and the 38.2% FIB of $41,592 would bring the first major support level at $40,402 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$39,000. The second major support level at $39,741 should limit the downside.
This article was originally posted on FX Empire