Bitcoin – A Rabbit in Headlights Moment

Bitcoin’s demise resumed on Thursday, with Bitcoin falling 10.74% to an end of day $7,084.07, as the cryptomarkets went into a tail spin through the middle of the day that continued through to the final hours.

Optimism, following Wednesday’s 2.03% gain, supported a Bitcoin move through to an intraday high $7,968 on Thursday morning, though more material gains were held back to leave Bitcoin short of the 23.6% FIB Retracement Level of $8,068.79, the day’s first major resistance level of $8,128.72 and more importantly $8,000 levels.

An afternoon slide saw Bitcoin fall to an intraday low $6,914.53, with Bitcoin in free fall through the day’s 3 major support levels, whilst also at sub-$7,000 levels for the first time since the February sell-off that led Bitcoin all too briefly down to sub-$6,000 levels.

Investors will have been facing the prospects of a similar move, though this time far more extended, with the bear trend having formed at 21^st March’s swing hi $9,188.1.

With Bitcoin down 5 days out of the last 6, there’s been very little news to suggest that the bearish trend would reverse any time soon, which doesn’t paint a rosy picture for Bitcoin and its peers. Well, not until there is greater clarity on government and regulator intentions on the cryptomarket at least.

By the day’s end, the good news was Bitcoin managing to hold at $7,000 levels, though failing to move back though the 3^rd support level of $7,161.98 supported another bearish start to the day today.

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Following Thursday’s tumble, it’s been a precarious start to the day for Bitcoin and the broader cryptomarket.

At the time of writing, Bitcoin was up 0.67% to $7,136.06, but the uptick certainly doesn’t reflect the volatility seen through the start of the day.

Investors will have seen Bitcoin slide to a start of the day low $6,550, down 7.5% in just a matter of hours, as Thursday’s bearish end to the day continued to grip the markets in the early hours.

This morning’s low slipped through the day’s first major support level of $6,676.4, before buyers jumped in, saving Bitcoin from another visit to sub-$6,000 this year.

While the early bounce back eases concerns of another double digit slide today, sentiment this afternoon will ultimately decide the fate of Bitcoin and its peers, with Bitcoin investors seemingly unable to stop the slide through the last week.

For the day ahead, a move through to the morning high $7,193.77 would support a run at the day’s 23.6% FIB Retracement Level of $7,451, where seller appetite will be dictated by the broader market sentiment at the time. Negative sentiment would likely see Bitcoin pull back to this morning’s lows, with investors considering the possibility of another sub-$6,000 visit.

The good news is that Bitcoin Cash, Litecoin and even Ethereum have bounced back from heavy losses this morning. Litecoin was up 8.93% at the time of writing to lead the way, which will likely provide Bitcoin with the support needed to brush off some of the negativity surrounding the markets this year, though whether investors will hold on to solid gains through to the day’s end remains to be seen.

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