Bitcoin Sees More Red as the Broader Market Takes another Weekly Hit

Another bearish start to the day leaves Bitcoin on the brink of joining the rest of the majors in the red for the week.
Bob Mason
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Bitcoin fell by 2.44% on Saturday. Reversing most of a 2.89% gain from Friday, Bitcoin ended the day at $10,154.

A particularly bearish morning saw Bitcoin slide from an early morning intraday high $10,427 to a mid-morning intraday low $9,893.8.

Falling short of the first major resistance level at $10,567, Bitcoin fell through the first major support level at $10,148.

Bitcoin came within range of the second major support level at $9,888 before bouncing back to $10,200 levels.

A bearish end to the day left Bitcoin at $10,100 levels.

Having managed to hold onto positive territory through the week, Saturday’s pullback left Bitcoin down by 1.69% Monday through Saturday.

In spite of the weekly loss, Bitcoin continued to hold onto positive territory for the current month. To the end of Saturday, Bitcoin was up by 0.65% and remains the only major to continue to see green in August.

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 2.76%. Binance Coin (-2.34%), Ripple’s XRP (-1.96%), Monero’s XMR (-1.90%), and Ethereum (-1.88%) also saw heavy losses.

While Bitcoin Cash SV saw a more modest 1.65% loss on the day, Stellar’s Lumen bucked the trend on the day. Stellar’s Lumen rose by 0.56%.

For the current week, however, there was nothing mixed about it, with all of top 10 in the red.

Monero’s XRM led the way down, falling by 8.21%, Monday through Saturday. Binance Coin (-5.66%), Ripple’s XRP (-4.24%) Litecoin (-3.79%) and Bitcoin Cash ABC (-3.34%) also saw heavy losses.

Bitcoin Cash SV (-1.86%), Ethereum (-1.98%), EOS (-0.78%), and Stellar’s Lumen (-0.48%), saw more modest losses.

For the current month, Bitcoin stood alone in positive territory, with Monero XMR’s 8.21% slide in the current week reversing gains from the month. For August, Monero’s XMR was down by 0.12% to the end of Saturday.

Leading the way down in August, was Litecoin with a 25.8% slide.

The total crypto market cap tumbled from a Tuesday high $282.72bn to a current week low $256.941bn on Thursday. At the time of writing, the total crypto market cap stood at $264.8bn.

This Morning

At the time of writing, Bitcoin was down by 0.33% to $10,120.9, Saturday’s late pullback continuing into the early hours. Bitcoin fell from an early morning high $10,188 to an early morning low $10,037.4.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, Stellar’s Lumen bucked the trend early on, up by 0.27% at the time of writing. It was red for the rest of the majors, with Bitcoin Cash SV leading the way down with a 0.7% fall.

Outside of the top 10, Tron’s TRX and Cardano’s ADA found strong support. At the time of writing, the pair was up by 1.31% and by 4.38% respectively. The morning gains point to a week of gains for the pair.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $10,160 levels to support another run at the first major resistance level at $10,422.7.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $10,188 to $10,200 levels.

Barring a broad-based crypto rebound, Saturday’s high $10,427 and the first major resistance level at $10,422.7 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 $10,160 levels could see Bitcoin slide deeper into the red. A fall through the morning low $10,037.4 would bring the first major support level at $9,889.60 into play.

Barring an extended sell-off through the day, Bitcoin would likely steer clear of the 38.2% FIB of $9,734 and sub-$9,700 levels.

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