Bitcoin fell by 1.65% on Thursday. Following on from a 0.33% decline on Wednesday, Bitcoin ended the day at $8,655.7.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $8,817.4 before hitting reverse.
Falling short of the first major resistance level at $8,857.23, Bitcoin slid to a late morning intraday low $8,600.0.
Bitcoin fell through the first major support level at $8,737.63 and the second major support level at $8,674.17.
Through the 2nd half of the day, Bitcoin briefly broke back through the second major support level to $8,700 levels before easing back.
Coming up short of the first major support level at $8,737.63, Bitcoin fell back through the second major support level to end the day deep in the red.
For the bulls, the extended bullish trend remained intact in spite of failing to break back through the 38.2% FIB of $9,734. Bitcoin has continued to hold above the 62% FIB of 7,245.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was a bearish day for the majors on Thursday.
Tron’s TRX and Litecoin led the way down, sliding by 3.96% and by 3.17% respectively.
Stellar’s Lumen (-2.80%), EOS (-2.34%), and Bitcoin Cash ABC (-2.40%) also saw heavy losses.
Binance Coin (-0.33%), Bitcoin Cash SV (-1.76%), Ethereum (-1.74%), and Ripple’s XRP (-1.53%) saw more modest losses on the day.
In what’s been a choppy week for the majors, Binance Coin managed to make ground. Monday through Thursday, Binance Coin was up by 4.31%.
It’s been bearish for the rest of the pack, however. While Bitcoin was down by 4.56%, there were heavier losses elsewhere.
Litecoin led the way down, sliding by 7.46%, with Bitcoin Cash SV and Stellar’s Lumen down by 6.49% and 6.33% respectively.
EOS and Bitcoin Cash ABC weren’t far behind with losses of 5.39% and 5.31% respectively.
Ethereum (-2.30%), Ripple’s XRP (-3.96%), and Tron’s TRX (-0.18%) saw more modest losses.
Through the current week, the total crypto market cap fell from a Monday current week high $246.9bn to a current week low $237.75bn on Monday. A recovery to $241bn levels on Wednesday was short-lived as the majors hit reverse. At the time of writing, the total market cap stood at $238.41bn.
Bitcoin’s dominance briefly moved back to 66% levels on Thursday, before easing back to 65% levels. While trading volumes picked up from $61bn levels, volumes failed to break back through to $70bn levels on the day.
At the time of writing, Bitcoin was down by 0.26% to $8,633.5. A relatively bearish start to the day saw Bitcoin fall from an early morning high $8,663.7 to a low $8,620.8.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was red for the rest of the pack, with Binance Coin falling by 0.93% to lead the way down early on.
For the Bitcoin Day Ahead
Bitcoin would need to hit $8,690 levels to support a run at the first major resistance level at $8,782.07.
Support from the broader market would be needed, however, for Bitcoin to break back through to $8,700 levels.
Barring a broad-based crypto rebound later in the day, Bitcoin would likely come up short of $8,800 levels.
Failure to hit $8,690 levels could see Bitcoin slide deeper into the red. A fall through Thursday’s low $8,600 would bring the first major support level at $8,564.67 into play.
Barring an extended sell-off, however, Bitcoin should steer clear of sub-$8,500 support levels on the day.
This article was originally posted on FX Empire
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