Another Choppy Crypto Market Week Sees the Bears Fight BackThe bulls fight back as August becomes a bear trap for crypto investors…
Bitcoin fell by 1.36% on Saturday. Reversing a 0.44% gain from Friday, Bitcoin ended the day at $10,228.
A relatively choppy start to the day saw Bitcoin recover from an early morning low $10,237 to strike a late morning intraday high $10,494.7.
In spite of the morning breakout, Bitcoin came up short of the first major resistance level at $10,699 before hitting reverse.
The reversal saw Bitcoin slide to a late afternoon intraday low $10,004 before finding support.
Bitcoin steered clear of the first major support level at $9,908 before wrapping up the day at $10,200 levels.
For the bulls, avoiding a return to sub-$10,000 levels for the first time since Tuesday was key.
The bullish start to the current month came to an abrupt end in the last week, however, as the majors slid deep into the red.
For the current week, 4 days in the red, which included a 7.7% tumble on Wednesday, left Bitcoin down by 11.64%, Monday through Saturday.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was a mixed bag on Saturday.
Litecoin led the way down, sliding by 2.74%. Bitcoin Cash SV (-1.35), Bitcoin Cash ABC (-1.33%) and Stellar’s Lumen (-1.02%) also saw heavy losses.
Bucking the trend on the day were Ripple’s XRP, Ethereum and Tron’s TRX. Ripple’s XRP gained 1.71% on the day, while Ethereum and Tron’s TRX rose by 0.18% and 0.38% respectively.
For the current week, however, there was nothing mixed about it, with all of the majors deep red.
Litecoin led the way down, sliding by 19.13%, Monday through Saturday. Tron’s TRX (-17.85%), EOS (-15.42%), Stellar’s Lumen (-13.02%), Ripple’s XRP (-12.44%) and Monero’s XRM (-10.71%) also saw double digit losses.
Bitcoin Cash SV (-8.19%), Bitcoin Cash ABC (-9.29%) and Binance Coin (-9.16%) saw more modest losses going into Sunday.
The total crypto market cap tumbled from a Monday high $299.68bn to a current week low $253.51bn on Thursday. At the time of writing, the total crypto market cap stood at $265.31bn.
At the time of writing, Bitcoin was down by 0.34% to $10,193. A mixed start to the day saw Bitcoin fall from a morning high $10,280 to a low $10,184.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Stellar’s Lumen and Bitcoin Cash ABC bucked the trend early on, with gains of 0.53% and 0.56% respectively.
With the rest of the pack joining Bitcoin in the red, Bitcoin Cash SV led the way down with a 1.32% slide.
For the Bitcoin Day Ahead
Bitcoin would need to move back through to $10,250 levels to support another run at the first major resistance level at $10,480.47.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $10,280.
Barring a broad-based crypto rebound, Saturday’s high $10,494.7 and the first major resistance level at $10,480.47 would likely limit any upside.
In the event of a broad-based crypto rally, $10,600 levels would likely come into play before any pullback.
Failure to move back through to $10,250 levels could see Bitcoin slide deeper into the red. A fall through the morning low $10,164 would bring the first major support level at $9,989.77 into play.
Barring an extended sell-off through the day, Bitcoin would likely steer clear of the 38.2% FIB of $9,734 and second major support level at $9,751.53.