Bitcoin – The Bears Take the Week, But It Could Have Been Worse

On the balance of it, the bears took the week, while Tron stole the show. More losses could be on the horizon should the majors not move early.
Bob Mason
Source: KryptoMoney
Source: KryptoMoney

Bitcoin fell by 0.94% on Sunday, following a 0.06% rise on Saturday, to end the week up by just 0.31% to $3,597.1.

A relatively choppy day by recent standards saw Bitcoin recover from a start of a day dip to sub-$3,600 levels to strike an early morning intraday high $3,645.7 before being hit by a broad based crypto sell-off.

Coming up short of $3,700 levels and the first major resistance level at $3,713.17, Bitcoin fell through the morning to an early afternoon intraday low $3,541.

The reversal saw Bitcoin fall through the first major support level at $3,586.07 to call on support at the second major support level at $3,540.93 before recovering to $3,600 levels by the late afternoon.

Succumbing to the bearish sentiment through the day, Bitcoin failed to wrap up the day at $3,600 levels for the first time since Monday, the bears managing to reverse the week’s gains.

It could have been far worse had Bitcoin failed to recover from the early afternoon low that had seen Bitcoin fall deep into negative territory for the week.

Elsewhere, it was a mixed bag across the majors. In the red were Stellar’s Lumen, which saw the heaviest losses amongst the top 10, down 8.4% for the week, with Ethereum (-5.19%), Bitcoin Cash SV (-4.2%) and Ripple’s XRP (-3.49%) also seeing heavy losses.

While more moderate losses were seen by Bitcoin Cash ABC, which fell by 1.12%, joining Bitcoin in positive territory for the week were Litecoin, EOS and Tron’s TRX. Litecoin’s gains may have been impressive relative to its peers, up 4.61% for the week, but Tron led the way with a whopping 23% rally, supported by a 1.5% gain on Sunday and 6 days in the green through the week.

Tron’s rally through the week and Stellar Lumen’s reversal saw Tron take the number 8 ranking, by market cap, with very little now separating Tron and Litecoin, which sits behind Tether at number 7.

In spite of the gains seen by Tron and, to a lesser extent, Litecoin, the bearish sentiment was evident across the majors, with Bitcoin at sub-$3,600 levels and Ethereum only just managing to hold onto $110 levels by the week’s end.

There was no major news events to deliver the Sunday moves, with January having failed to deliver for the crypto bulls, Tron’s TRX the only top 10 crypto that has impressed, with Litecoin the only other major to sit in positive territory since the start of the year.

With Bitcoin’s dominance creeping up to 52.8% and the total crypto market cap easing back to $118bn levels, down from a week high $121.7bn reached on Saturday, the bulls will have their work cut out for them as January comes to a close and investors begin to focus on the SEC’s anticipated February decision on the 8 remaining Bitcoin ETF applications that are under review.

The government shutdown is over and the immediate question will be whether the VanEck BTF application will be resubmitted or left on hold until the review of the remaining 8 has been completed.

Get Into Cryptocurrency Trading Today

At the time of writing, Bitcoin was down 0.7% to $3,571.8, with the bears in full control going into the new week. Bitcoin is going to need to make a move early or face the prospects of a return to sub-$3,500 levels to deliver sub-$3,000 level chatter.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US