After a mixed week in which Bitcoin saw red, it's a bearish start to the day. Bitcoin would need to hit $9,240 levels to signal a rebound.
Bitcoin fell by 1.18% on Sunday. Reversing a 0.47% gain from Saturday, Bitcoin ended the week down by 3.67% to $9,222.4.
A bullish start to the day saw Bitcoin rally to an early morning intraday low $9,400.6 before hitting reverse.
Falling short of the first major resistance level at $9,423.90, Bitcoin slid to a late intraday low $9,100.00.
Bitcoin fell through the first major support level at $9,245.90 and the second major support level at $9,159.70.
Finding support late in the day, Bitcoin recovered to $9,200 levels to limit the loss on the day.
For the bulls, the extended bullish trend remained intact in spite of failing to break out from the 38.2% FIB of $9,734. Bitcoin has continued to hold above the 62% FIB of 7,245.
Across the rest of the top 10 cryptos, it was a mixed day for the majors on Sunday.
Bitcoin Cash ABC bucked the trend on the day, with a 0.83% gain, that came from a late rebound.
Bearish for the rest of the pack, Stellar’s Lumen led the way down, sliding by 4.77%.
EOS (-1.78%), Tron’s TRX (-1.73%), and Ripple’s XRP (-1.71%) also saw relatively heavy losses.
Binance Coin (-0.15%), Bitcoin Cash SV (-0.56%), Ethereum (-0.83%), and Litecoin (-0.07%) saw modest losses on the day.
For the current week, it was also mixed. Bitcoin Cash ABC led the way, rising by 11.57%.
Binance Coin (+4.40%), Stellar’s Lumen (+4.66%), and Tron’s TRX (+2.70%) also ended the week in the green.
It was red for the rest of the pack, however. Bitcoin Cash SV led the way, falling by 6.88%.
Ripple’s XRP (-2.84%), Litecoin (-2.62%), EOS (-1.90%), and Ethereum (-1.41%) saw more modest losses.
Through the week, the total crypto market cap rose to a Monday high $257.32 before sliding to a Thursday low $241.44bn. At the time of writing, the total market cap stood at $247.08bn.
Bitcoin’s dominance held steady 67% levels on the day, while trading volumes fell back from $120bn levels to $70bn levels.
At the time of writing, Bitcoin was down by 0.1% to $9,213.5. A relatively bearish start to the day saw Bitcoin fall from an early morning high $9,231.8 to a low $9,209.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Bitcoin Cash ABC hit reverse, sliding by 1.63%, with Bitcoin Cash SV down by 0.98%.
EOS (-0.29%), Ethereum (-0.26%), Binance Coin (-0.22%), and Litecoin (-0.12%) also joined Bitcoin in the red.
Bucking the trend early was Stellar’s Lumen, which was up by 0.57% and Ripple’s XRP, which was flat.
Bitcoin would need to move through to $9,240 levels to support a run at the first major resistance level at $9,382.0.
Support from the broader market would be needed, however, for Bitcoin to break through to $9,300 levels.
Barring a broad-based crypto rebound, resistance at $9,400 levels would likely limit any upside on the day.
In the event of a broad-based crypto rally, the second major resistance level at $9,541.6 could come into play.
Failure to move through to $9,240 levels could see Bitcoin fall deeper into the red.
A fall through to sub-$9,200 levels would bring the first major support level at $9,081.4 into play.
Barring an extended sell-off throughout the day, Bitcoin should steer clear of the second major support level at $8,940.4.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.