Bitcoin, BTC to USD, rose by 1.79% on Saturday. Partially reversing an 8.77% slide from Friday, Bitcoin ended the day at $54,791.
A mixed morning saw Bitcoin fall to an early morning intraday low $53,711 before making a move.
Steering clear of the 23.6% FIB of $53,628 and the major support levels, Bitcoin rose to a late morning intraday high $55,329.
Falling short of the first major resistance level at $57,533, however, Bitcoin fell back to $54,100 levels before finding late support to end the day at $54,700 levels.
The near-term bullish trend remained intact, in spite of the latest pullback to sub-$54,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 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.
Litecoin and Polkadot bucked the trend, falling by 0.20% and by 0.11% respectively.
In the current week, the crypto total market rose to a Thursday high $2,689bn before sliding to a Friday low $2,334bn. At the time of writing, the total market cap stood at $2,406bn.
Bitcoin’s dominance fell to a Thursday low 41.75% before rising to a Friday high 43.31%. At the time of writing, Bitcoin’s dominance stood at 42.60%.
At the time of writing, Bitcoin was down by 0.94% to $54,276. A mixed start to the day saw Bitcoin rise to an early morning high $54,875 before falling to a low $54,244.
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, Crypto.com Coin was down by 7.23% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the $54,610 pivot to bring the first major resistance level at $55,510 into play.
Support from the broader market would be needed for Bitcoin to break out from Friday’s high $55,329.
Barring an extended crypto rally, the first major resistance level would likely cap the upside.
In the event of an extended rally, Bitcoin could test resistance at $58,000 levels before easing back. The second major resistance level sits at $56,228.
Failure to move back through the $54,610 pivot would bring the first major support level at $53,892 and the 23.6% FIB of $53,628 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$50,000 levels. The second major support level at $52,992 should limit the downside.
This article was originally posted on FX Empire