Bitcoin slipped 4.41% on Tuesday to an end of day $7,792.79, following Monday’s 3.53% fall, to make it 4 consecutive days of decline.
Recent sentiment has continued to support the bearish trend formed at last Wednesday’s swing hi $9,188.1, with Friday’s 2.64% bullish move a distant memory, as investors continued to respond to negative news hitting the wires in recent weeks, all of which continues to suggest a material change to the cryptomarket’s regulatory landscape in the coming months.
An intraday high $8,273.37 failed to test the day’s first major resistance level of $8,391.6, while managing to move through the day’s 23.6% FIB Retracement Level of $8,151.4 and a run at 38.2% FIB Retracement Level of $8,349.51, a build-up of selling pressure ultimately leading to a pullback to sub-$8,000 levels.
While major resistance levels were untested through the day, an intraday low $7,742 slipped through the day’s first major support level of $7,822.8 before support kicked in, though support was not strong enough to avoid a sub-$8,000 close for the first time in almost 2-weeks.
Get Into Cryptocurrency Trading Today
The early part of the day has been rather more crypto friendly this morning, with Bitcoin up 1.95% to $7,943.93 at the time of writing.
A start of the day low $7,723.03 avoided the day’s first major support level of $7,598.81, providing some much needed upward momentum, that saw Bitcoin hit an morning high $7,949.35 in the last hour.
Falling short of the day’s first major resistance level of $8,130 and the day’s 23.6% FIB Retracement Level of $8,803.36 will certainly test investor appetite, though with the broader market in positive territory at the time of writing, Bitcoin will likely avoid another pullback, supporting another run at $8,000 and major resistance levels.
Any bullish moves through the afternoon will be dependent upon the news wires, any more negative chatter likely to lead to another tumble and a test of the day’s first major support level of $7,600.
It’s been a tough time for crypto investors and when considering the key drivers to the recent slides, some clarity is going to be needed on what’s to come from a regulatory stand point, before investors can decide whether the shift is a positive or a negative, few wanting to be caught out in another 50% slide.
Bitcoin Price Forecast
Every new Bitcoin analysis as it publishes, today's technical signal and key levels, live price — on one page.
See all Bitcoin forecastsLook across at the Cboe Bitcoin futures, the April contract was up $40 to $7,930, providing some support for Bitcoin at current levels, though we will expect the majority of investors to largely ignore direction from the futures market at present.
Elsewhere, Cardano’s ADA was on the bounce back, up 4.94% to lead the way amongst the major cryptocurrencies, with NEO close behind, up 4.24%, though key for the day will be the broad market gains, something that has been a rare event in recent days.