After a mixed day for Bitcoin and the broader market on Tuesday, it’s been a broadly bearish morning for the broader market.
At the time of writing, Bitcoin, BTC to USD, was down by 2.33% to $54,703.0.
A mixed start to the day saw Bitcoin rise to an early morning high $56,587.0 before hitting reverse.
Falling short of the first major resistance level at $57,868, Bitcoin slid to a late morning low $54,300.0.
Steering clear of the first major support level at $53,944, Bitcoin return to $54,700 levels.
The Rest of the Pack
It has been a mixed morning.
Binance Coin and Polkadot bucked the trend through the morning, with gains of 3.36% and 1.75% respectively.
For the rest of the majors, it was a bearish morning.
At the time of writing, Ripple’s XRP was down by 1.32% to lead the way down.
Through the early hours, the crypto total market cap rose to an early morning high $2,355bn before falling to a low $2,275bn. At the time of writing, the total market cap stood at $2,301bn.
Bitcoin’s dominance rose to an early morning high 45.35% before falling to a low 44.87%. At the time of writing, Bitcoin’s dominance stood at 45.01%.
For the Afternoon Ahead
Bitcoin would need to move back through the $55,803 pivot to bring the first major resistance level at $57,868 into play.
Support from the broader market will be needed, however, for Bitcoin to break out from the morning high $56,587.0.
Barring a broad-based crypto rally, the first major resistance level at $57,868 would likely cap any upside.
In the event of another extended rally through the afternoon, Bitcoin could test resistance at the $60,000 levels before any pullback. The second major resistance level sits at $59,726.
Failure to move back through the $55,803 pivot would bring the first major support level at $53,944 back into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$53,000 support levels. The second major support level sits at $51,879.
Looking beyond the support and resistance levels, we saw the 50 EMA narrow on the 100 and 200 EMAs through the morning.
We also saw the 100 EMA narrow marginally on the 200 EMA delivering further downward pressure.
Through the 2nd half of the day, a further narrowing of the 50 EMA on the 100 would bring sub-$54,000 levels into play.
Key through the late morning and early afternoon, however, would be move back through $55,803 pivot to support a breakout.
This article was originally posted on FX Empire