Bitcoin in the Deep Red, with Next Week’s G20 a Concern

It was yet another dark day for Bitcoin on Saturday, with Bitcoin falling 4.9% to end the day at $7,857.02, its lowest day end since the first week of February, when Bitcoin had tumbled back to sub-$6,000 levels.

Bitcoin found limited support at the day’s first major support level of $7,919, while Bitcoin managed to avoid the day’s 2^nd support level of $7,567.1, as Bitcoin tumbled from a day high $8,356.4 to an intraday low $7,730.23.

The intraday high $8,356.4 failed to break through the day’s 38.2% FIB Retracement Level of $8,526.22 and the day’s first major resistance level of $8,618.08, ultimately leading to the reversal through the second part of the day.

There’s been very little good news for investors to get excited about of late, with hard forks seeming to be the only real catalysts for any sustained rallies across the major cryptos.

A lack of direction amidst rising concerns of a material shift in the regulatory landscape has left investor treading carefully in recent weeks, making Bitcoin and its peers all the more sensitive to the news wires, with last week’s session in Congress just a taste of what’s to come in the months ahead.

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At the time of writing, Bitcoin was down 3.35% to $7,597.51 as the crypto sell-off continues on from Saturday.

The bearish trend that has been in place since Monday’s swing hi $9,892 has only seen minor deviation throughout the week, with intraday rallies having reversed before the end of each day, investors worried about what lies ahead.

This morning’s intraday low $7,550 tested the day’s first major support level of $7,606.03 early on, with Bitcoin’s move back to current levels a positive sign for investors, as some of the other majors have continued to free fall through the morning.

For the day ahead, a move through to $8,000 levels will be key for Bitcoin to have any hope of a positive end to the day and a possible reversal of Saturday’s losses, with the day’s 23.6% FIB Retracement Level of $8,203.56 and first major resistance level of $8,232.2 key targets for Bitcoin to hit through the middle part of the day.

A failure to push through to $8,000 levels in the afternoon, could see Bitcoin see a pullback to this morning’s $7,550 low and test the day’s 2^nd support level of $7,355.05.

Good news for investors will be that Bitcoin’s Cboe future April contract ended last week at $8,530.

How Bitcoin ends the weekend will give many an idea of what comes first, the futures or the coin…

For now, it’s looking as though Bitcoin gives the cues, though it wouldn’t be the first time that the Bitcoin bulls grab the reins… A move through to the morning’s $7,893.34 high would certainly raise the prospects of a Sunday afternoon bounce.

Elsewhere, NEM’s XEM saw the biggest losses through the morning, down 11.49%, with Stellar’s Lumen down 7.52% and Cardano down 7.89%, with none of the majors in positive territory this morning.

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