Bitcoin Bulls Try to Put the 1st Quarter behind Them

It was another day in the red for Bitcoin on Sunday, with Bitcoin falling 1.47% to $6,824.76 by the day’s end, reversing Saturday’s 1.61% gain.

It was a mixed day for Bitcoin, with the day’s high $7,045.71 coming within the first couple of hours of the day, the high falling short of the day’s first major resistance level of $7,093.78 and 23.6% FIB Retracement Level of $7,173.

A slide through the rest of the morning left Bitcoin down at an intraday low $6,427.16, falling through the first major support level of $6,800.24 and 2^nd support level of $6,650 48 before support kicked in ahead of the 3^rd support level of $6356.94.

Bitcoin investors enjoyed a 2^nd half of the day rally that saw Bitcoin recover to a $6,990.8 afternoon high, with strong resistance at $7,000 psychological level ultimately seeing Bitcoin pull back to $6,800 levels by the day’s end.

The fall through the week continued to support the bearish trend formed back on 21^st March, with investors having little to celebrate as the markets continue to sit in limbo, waiting for governments and regulators to show their hands on the regulatory front.

For the week, Bitcoin was down 19.2%, Monday’s open through to Sunday’s close. The week’s fall was less severe than its peers, but significant enough to continue to test investor sentiment going into the new week.

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At the time of writing, Bitcoin was up 1.86% to $6,940, with the cryptomarket looking to shake off the 1^st quarter woes that has seen Bitcoin give up 51% from the start of the year.

An early move this morning saw Bitcoin break through to $7,000 levels, with an intraday high $7,033.91, though the move wasn’t enough to test the first major resistance level of $7,104.59 and 23.6% FIB Retracement Level of $7,078.7 early on.

With support levels untested early on, a morning low $6,759.96 hold above the first major support level of $6,486, $7,000 remains the issue for Bitcoin, with Bitcoin having been unable to break out through the weekend.

A move through to the 23.6% FIB Retracement Level of $7,078.7 would support a run at the day’s first major resistance level, though for Bitcoin to hold at $7,000 levels by the day’s end, a move through to the 2^nd support level of $7,384 would be needed, investors continuing to be quick to hit the sell-button in fear of more bad news tanking the market.

Failure to break through would continue to support the bearish trend formed, which would bring the first major support level of $6,486 into play.

The news wires will need to be monitored for any updates from governments or regulators on planned regs, the unpredictability certainly having taken its toll on the market through the 1^st quarter.

Looking across at the Cboe Bitcoin Futures, the April contract was down $280 to $6,960, providing little direction for investors, with the futures contracts lacking the influence that had been expected ahead of the December launch.

Elsewhere in the cryptomarket, there was no red amongst the majors, with the bulls looking to retake control.

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