Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Bob Mason
Bitcoin coin on white keyboard

Bitcoin slid by 5.71% on Sunday. Following on from a 1.91% fall on Saturday, Bitcoin ended the week up by 1.25% to $5,892.7. The upside came in spite of a 3rd consecutive day in the red on Sunday.

Bearish throughout the day, Bitcoin fell from an early morning intraday high $6,280 to a final hour intraday low $5,892.7.

The sell-off saw Bitcoin fall through the first major support level at $6,076.03 and second major support level at $5,902.07.

Bitcoin fell short of the major resistance levels and the 23.6% FIB of $6,300 at the start of the day.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was also a bearish end to the week.

Binance Coin (-7.91%), Bitcoin Cash SV (-7.33%), Monero’s XMR (-7.14%), Ripple’s XRP (-7.34%), and Tezos (-7.00%) led the way down.

Cardano’s ADA (-6.44%), Ethereum (-5.34%), Stellar’s Lumen (-5.62%), and Tron’s TRX (-6.08%) also saw relatively heavy losses.

Bitcoin Cash ABC (-4.70%), EOS (-4.04%), and Litecoin (-4.68%) saw relatively modest losses on the day.

It was a mixed week for the majors, however, with Sunday’s sell-off leaving a number in the red.

Bitcoin Cash SV fell by 6.95% in the week ending 29th March to lead the way down. EOS and Tezos also saw red, with losses of 0.60% and 0.86% respectively.

It was a bullish week for the rest of the pack, however. Monero’s XMR and Ripple’s XRP rallied by 15.73% and 10.28% respectively to lead the way.

Cardano’s ADA (+3.76%), Litecoin (+4.71%), Stellar’s Lumen (+3.67%), and Tron’s TRX (+4.22%) also found strong support.

Binance Coin (+1.26%), Bitcoin Cash ABC (+2.19%), and Ethereum (+1.67%) trailed the pack.

Through the week, the crypto total market cap rose from a Monday low $163.00bn to a Wednesday high $191.26bn. A bearish weekend left the total market cap back at sub-$170bn levels, however. At the time of writing, the total market cap stood at $168bn.

Bitcoin’s dominance hit 66% levels on Monday before falling to 62% levels. Bitcoin saw its dominance recover to hover at around the 66% mark mid-week before visiting sub-65% levels. At the time of writing, Bitcoin’s dominance stood at 65.2%.

Trading volumes jumped from $130bn levels on Monday to $168.2bn levels on Tuesday before sliding back to sub-$100bn levels on Sunday. At the time of writing, 24-hr volumes stood at $97.26bn.


This Morning

At the time of writing, Bitcoin was up by 2.08% to $6,015.0. A bullish start to the day saw Bitcoin rise from an early morning low $5,880.9 to a high $6,036.7.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was also a bullish start to the day. Bitcoin Cash SV (+3.54%) and Tezos (+3.90%) led the way early on.

BTC/USD 30/03/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through to $6,050 levels to bring the first major resistance level at $6,150.93 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $6,036.7.

Barring an extended crypto rally, the first major resistance level would likely cap any upside on the day.

Failure to move through to $6,050 levels could see Bitcoin hit reverse.

A fall back through the morning low $5,880.9 would bring the first major support level at $5,763.53 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer well clear of the second major support level at $5,634.37.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
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.
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.