Bitcoin – Sentiment Turns with $10,000 Elusive Again

Bitcoin slipped 1.98% on Sunday, reversing Saturday’s 1.73% gain, to end the day at $9,666.1. For the week, Bitcoin was up just 2.83%, in what had been a choppy week, the $10,000 milestone having plagued Bitcoin through the week, pinning back more material gains on the buy days.

An early run at the day’s first major resistance level and milestone $10,000 came up short for a 4^th consecutive day, with Bitcoin reversing from the day’s high $9,964 to slide through the first major support level at $9,697.13 and second major support level at $9,534.07 to a day low $9,454, before support kicked in.

There was no materially negative news to cause the reversal with investors, having enjoyed a strong run from back at 6^th April’s swing lo $6,500.2, likely to have locked in some profit going into the new week.

In spite of the choppy week and relatively minor gain through the week, the bullish trend remains intact for now, with Bitcoin having struck a new swing hi $9,999 on Friday.

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At the time of writing, Bitcoin was down 2.99% to $9,370.3 as the start of the week sell-off takes a bite and sees Bitcoin’s hopes of a near-term move through to $10,000 levels fade.

A start of the day reversal from a morning high $9,677.9 saw Bitcoin slide through its first major support level at $9,425.4 to a morning low $9,259.4, before recovering to $9,300 levels. While some of the majors tested multiple support levels early on, Bitcoin managed to steer clear of the day’s second major support level at $9,184.7 and 23.6% FIB Retracement Level of $9,173.3, which would have provided some comfort to the Bitcoin bulls early on.

For the day ahead, a move back through to $9,400 levels would support a run recovery through to the morning’s $9,677.9 high, though for Bitcoin to have any run at $10,000 later in the day, sentiment across the market will need to see a material improvement.

While there’s been no materially negative news hitting the wires at the end of the weekend, Japanese regulators have been rolling out new regs for the cryptomarket, which could have provided investors with a reminder of what’s on the horizon this summer, with other major crypto jurisdictions likely to face similar regs in the coming months.

Looking across the Cboe Bitcoin Futures, the May contract was down $345 to $9,360, with talk of more institutional and private investor money hitting the cryptomarket providing little support this morning.

Elsewhere, NEM’s XEM was amongst the heavy losers, down 7.04%, with Bitcoin Cash down 6.25%, recovering from heavier losses earlier on, the crypto board a sea of red at the time of writing, which will likely see support levels on the softer side as investors look to sit it out until the market settles.

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