It’s a mixed start to the day for the majors. For the Bitcoin bulls, the next target is $28,000…
Bitcoin, BTC to USD, rallied by 6.85% on Saturday. Following on from a 4.11% gain on Friday, Bitcoin ended the day at $26,413.0.
It was another mixed start to the day. Bitcoin fell to an early morning intraday low $24,489.0 before making a move.
Steering clear of the first major support level at $23,449, Bitcoin rallied to a late intraday high and a new swing hi $26,723.0.
Bitcoin broke through the first major resistance level at $25,396 and the second major resistance level at $26,073.
While easing back, Bitcoin avoided a fall back through the second major resistance level, holding onto the $26,000 handle through to the day end.
The near-term bullish trend remained intact, supported by the latest breakthrough to $26,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $12,680 to form a near-term bearish trend.
In the current week, the crypto total market cap slid to a Wednesday low $590.85bn before surging to a Saturday high $715.51bn. At the time of writing, the total market cap stood at $699.49bn.
Bitcoin’s dominance rose from a Monday low 66.74% to a Wednesday high of 71.14%. At the time of writing, Bitcoin’s dominance stood at 71.03%.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Saturday.
Chainlink (-4.92%), Polkadot (-6.96%), and Ripple’s XRP (-7.60%) saw red to buck the trend on the day once more.
It was a bullish day for the rest of the majors, however.
Crypto.com Coin rose by 2.94% to lead the way.
BNB (+1.28%), Ethereum (+1.56%), and Litecoin (+1.48%) also found relatively strong support.
Bitcoin Cash SV (+0.02%) and Cardano’s ADA (+0.57%) trailed the front runners, however.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $25,875 to bring the first major resistance level at $27,261 into play.
Support from the broader market would be needed for Bitcoin to break out from Saturday’s high $26,723.0.
Barring an extended crypto rally, the first major resistance level and resistance at $27,500 would likely cap any upside.
In the event of another extended crypto rally, Bitcoin could test resistance at $28,000 before any pullback. The second major resistance level sits at $28,109.
Failure to avoid a fall through the $25,875 pivot would bring the first major support level at $25,027 into play.
Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$25,000 levels. The second major support level sits at $23,641.
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