The Crypto Bears Barely Make a Dent into the April Rally…

It’s been a bad week for the majors, but it could have been far worse. Bitcoin’s recovery and hold onto $5,000 levels remains pivotal for the broader market.
Bob Mason
Bitcoin coin on white keyboard

After managing to buck the trend at the start of the week, Bitcoin rallied to a Wednesday intraweek high $5,488 before hitting reverse on Thursday.

A sell-off that continued into Friday saw Bitcoin slide to a week low $4,934.7 before finding support.

The moves through the week were significant, with Bitcoin managing to avoid another reversal to sub-$4,000 levels.

In spite of the Bitcoin ship steadying on Friday, there were more losses on Saturday, however. A 3rd day in the red left Bitcoin down 2.58% for the current week.

For the Bitcoin bulls, holding above the 23.6% FIB of $4,816 supported a bounce back to $5,000 levels.

Elsewhere,

Across the top 10 cryptos, it’s a sea of red for the current week. Leading the way down through to the end of Saturday was Litecoin, which slid by 15.2% Monday through Saturday.

A choppy week saw Litecoin fall back through the 38.2% FIB of $83 to sub-$80 levels. 5-days in the red for the current week failed to reverse the first week of the quarter’s rally, however.

Close behind Litecoin was Bitcoin Cash ABC. Some profit taking was unsurprising, following a 91% rally from the previous week.  Having become just one of two of the top 10 to form a near-term bullish trend, Thursday’s broad-based sell-off saw Bitcoin Cash ABC slide through the 23.6% FIB of $291.

Amongst the best performers of the week, alongside Bitcoin, were Binance Coin and EOS. The pair were down by 1.93% and 2.57% by the end of Saturday. Minor when considering the double-digit losses seen across a number of the majors.

While the majors are set for a partial reversal of the previous week’s gains, Bitcoin’s recovery to $5,000 levels was key in the week.

As a result of the reversal and Bitcoin’s moderate losses, Bitcoin’s dominance crept up to 52%. The total cryptomarket cap fell back from $185bn levels from Monday to $172bn levels by the end of Saturday.

Of significance has also been the slide in 24-hour volumes. Having hit $80bn levels in the 1st week of the month rally, volumes have slid back to sub-$40bn levels.

Time will tell whether the necessary support will kick in should there be another broad-based crypto sell-off…

Get Into Cryptocurrency Trading Today

This Morning,

At the time of writing, Bitcoin was up by 0.28% to $5,118.1. Following Saturday’s pullback, it’s been a bullish start to the day. Bitcoin rose from a morning low $5,103.9 to a high $5,125.6 before steadying.

Whilst leaving the major support and resistance levels untested, a hold onto $5,100 levels was key early on.

Elsewhere, Bitcoin Cash ABC and Binance bucked the trend amongst the majors. The pair were down 0.36% and by 0.82% at the time of writing.

Leading the way was Ripple’s XRP, which managed to move back through to $0.33 levels and could be on for a bounce should the broader market avoid a pullback.

For the day ahead

It’s going to take one of those crypto rallies to take Bitcoin and the broader market into the green for the week.

A Bitcoin move back through to $5,200 levels would be the cue for the broader market. Bitcoin would need to break through the first major resistance level at $5,154.4, however, which could prove to be a challenge unless sentiment materially shifts in the early part of the day.

The bears will be looking to pull Bitcoin back to sub-$5,000 levels. A slide through the first major support level at $5,061.6 could be an alarm bell for the broader market.

There are no major news events or regulator decisions to support a continued upward trend, which could test investor resilience should Bitcoin continue to come up short of the 38.2% FIB of $5,809…

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