It's a bearish start to the day for the majors. A Bitcoin move back through to $54,000 levels would be needed to support the broader market.
Bitcoin, BTC to USD, fell by 3.80% on Thursday. Following on from a 4.77% slide on Wednesday, Bitcoin ended the day at $51,735.0.
A mixed start to the day saw Bitcoin fall to an early morning low $52,525.0 before making a move.
Bitcoin fell through the first major support level at $52,663 before rallying to a mid-day intraday high $55,500.0.
Falling short of the first major resistance level at $55,844, Bitcoin slid to a late intraday low $50,575.0.
The sell-off saw Bitcoin fall back through the first major support level at $52,663.
Bitcoin also fell through the second major support level at $51,545.
Coming within range of the 23.6% FIB of $50,473, Bitcoin revisited $52,200 levels before easing back.
While breaking back through the second major support level, Bitcoin came up short of the first major support level.
The near-term bullish trend remained intact in spite of the latest reversal. For the bears, Bitcoin would need to slide through the 62% FIB of $27,237 to form a near-term bearish trend.
Across the rest of the majors, it was another mixed day on Thursday.
Ethereum (+1.79%) and Polkadot (+1.45%) bucked the trend on the day once more.
It was a bearish day for the rest of the majors.
Ripple’s XRP slid by 10.53% to lead the way down
Binance Coin (-7.22%), Bitcoin Cash SV (-6.67%), Cardano’s ADA (-4.97%), and Crypto.com Coin (-5.58%) also struggled.
Chainlink (-3.43%) and Litecoin (-2.01%) saw relatively modest losses on the day.
In the current week, the crypto total market rose to a Monday high $2,100bn before sliding to a Thursday low $1,794bn. At the time of writing, the total market cap stood at $1,865.
Bitcoin’s dominance rose to a Tuesday high 54.32% before falling to a Thursday low 50.03%. At the time of writing, Bitcoin’s dominance stood at 51.63%.
At the time of writing, Bitcoin was down by 0.14% to $51,665.0. A mixed start to the day saw Bitcoin rise to an early morning high $51,883.0 before falling to a low $51,321.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bearish start to the day.
At the time of writing, Crypto.com Coin was down by 9.45% to lead the way down.
Bitcoin would need to move through the pivot level at $52,603 to bring the first major resistance level at $54,632 into play.
Support from the broader market would be needed for Bitcoin to break back through to $54,000 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $55,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $58,000 before any pullback. The second major resistance level sits at $57,528.
Failure to move through the $52,603 pivot would bring the 23.6% FIB of $50,473 and the first major support level at $49,707 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $47,678.
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.