After the pullbacks that Bitcoin saw on Tuesday, the leading coin will have to overpower the $46,000 mark to support the broader market.
A mixed yesterday had BTC rising to $46,695.0 high before reversing.
The largest coin by market dominance dropped to $44,635 low in the afternoon after failing to break the crucial resistance at $47,550.
Meanwhile, Bitcoin managed to conquer the $43,902 support to climb towards $45,800 before dropping.
However, the crypto still retains its short-term bullish trend, affirmed by BTC’s recent return to $46K. For bearish to overtake the Bitcoin space, the asset will require extended losses to break below $27,237, 62% Fibonacci. That would confirm short-term bearishness.
Other Assets
Top cryptocurrencies had mixed trading sessions on Tuesday.
Litecoin (0.52% plunge) and Ethereum (0.64% drop) followed BTC with slight losses.
Meanwhile, other alternative coins had bullish moves.
Cardano led the gainers, surging 13.74%. Binance Coin (4.96% gain) and Ripple (4.31% up) made substantial gains also.
Other altcoins that followed the front runners are Polkadot (1.71% up), Crypto.com Coin (0.45% surge), and Chainlink (1.43% increase).
The overall market started the week by plunging to $1.696 billion on Monday and rising to $1.897 billion yesterday. While writing this content, the total market cap stands at around $1.848 billion.
Bitcoin had its dominance rising to 47.44% on Monday before plunging to 46.27% on Tuesday. For now, the asset’s dominance hovers at 46.43%.
Today Morning
While writing this article, Bitcoin traded at $45,676 after a 0.14% rise. Meanwhile, mixed morning sessions had BTC falling to $45,486 earlier before climbing to $45,678.
Keep in mind that BTC did not test the critical resistance and support zones early on.
Other cryptocurrencies show bullishness today.
For now, Crypto.com Coin led the way gaining 1.79%.
Bitcoin’s Day Ahead
Bitcoin bulls need to prevent sliding through the pivot at $45,647 to test the massive resistance zone at $46,660.
However, broader market support is essential for the asset to overcome the $46K levels.
Excluding the total market rally, the $46,695 Bitcoin’s resistance and Tuesday’s high might cap the coin’s uptrend.
In cases of the continuous rally, BTC might test the $48,000 resistance before pullbacks surface.
Stay tuned for more crypto updates.
