Bitcoin on the Move, in Search of $10,000

Bitcoin turned bearish on Monday evening and it was downhill all the way through to Friday’s week low $914.64, with Bitcoin falling to sub-$10,000 levels for the first time since late February.

On Friday, Bitcoin had fallen 9.4% to the day’s intraday low, falling through its first and second support levels before ending the day down 0.36% to $9,259.39.

The day’s declines were the 5^th consecutive day of falls for Bitcoin, which bucked the trend, with the other majors closing out the day in positive territory.

For the week, Bitcoin ended the week down 19.3%, which was certainly worse than Bitcoin Cash and even Ripple’s XRP, with an intraday high $9,420.39 falling short of its first major resistance level of $9,664.52.

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At the time of writing, Bitcoin was up 1.08% to $9,329.39, with Bitcoin having moved through its 23.6% FIB Retracement Level of $9,149.99 late Friday. An intraday low $9,119.54 in the early part of the this morning failed to pull Bitcoin back to Friday’s lows, which supports a move through to the 38.2% FIB Retracement Level of $9,635 that sits tight on the day’s first major support level of $9,664.52.

While we will expect Bitcoin to hold on to current levels through the middle part of the day, a move through to $9,635 could see selling pressure build, with investors mindful of what lies ahead next week, with Wednesday yet another key date in the crypto calendar, as Congress takes another look at cryptocurrencies and the initial coin offering market.

Looking across at the Cboe Bitcoin Futures March contract, Friday’s closing $9,040 will also likely pin back any major rally through the weekend, though we will expect improved sentiment to support a pickup in the March contract at the start of the week.

So as things stand, a bullish trend is beginning to form, with Bitcoin having moved through its 23.6% FIB Retracement level that supports a move through to $9,600 levels.

Any failure to move through to $9,600 levels could see Bitcoin ease back through to today’s intraday low $9,119.54, though we would expect support at sub-$9,000 levels to ensure Bitcoin holds at above $9,000 by the close.

Elsewhere, the rest of the majors were also in positive territory at the time of writing, with NEM’s XEM leading the way once more, up 5.49%, with Stellar’s Lumen up 3.1%.

Bitcoin Cash managed to recover from losses to catch up with the rest of its peers, as sentiment continues to improve from Friday’s troubles.

We’ve seen the weekend euphoria fizzle out pretty quickly in recent weeks. It will be interesting to see if current values can support a more sustained recovery through the weekend.

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