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Bob Mason
Cryptomania

Bitcoin, BTC to USD, tumbled by 13.06% on Thursday. Following a1.04% decline on Wednesday, Bitcoin ended the day at $30,872.0.

It was a mixed start to the day. Bitcoin rose to an early morning high $35,616.0 before hitting reverse.

Falling short of the first major resistance level at $36,858, Bitcoin slid to a late intraday low $30,196.0.

Bitcoin fell through the first major support level at $33,739 and the second major support level at $31,961.

More significantly, Bitcoin also fell through the 23.6% FIB of $33,008.

Steering clear of sub-$30,000 support levels, Bitcoin briefly revisited $31,000 levels before falling back. Despite the late support Bitcoin failed to break back through the second major support level.

The near-term bullish trend remained intact, in spite of the latest sell-off. For the bears, Bitcoin would need to slide through the 62% FIB of $18,504 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Thursday.

Polkadot bucked the trend on the day, rising by 2.26%.

It was a particularly bearish day for the rest of the majors, however.

Cardano’s ADA and Ethereum slid by 18.10% and by 19.35% respectively to lead the way down.

Chainlink and Litecoin weren’t far behind, however, with losses of 15.73% and 13.40% respectively.

Binance Coin  (-9.43%), Bitcoin Cash SV, (-7.28%), Crypto.com Coin (-7.29%), and Ripple’s XRP (-9.43%) also struggled.

In the current week, the crypto total market cap rose to a Tuesday high $1,080.72bn before sliding to an early Friday low $824.13bn. At the time of writing, the total market cap stood at $844.25bn.

Bitcoin’s dominance rose to a Monday high 67.47% before falling to a Thursday low 64.74%. At the time of writing, Bitcoin’s dominance stood at 65.56%.

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This Morning

At the time of writing, Bitcoin was down by 3.73% to $29,719.0. A bearish start to the day saw Bitcoin slide from an early morning high $30,890.6 to a low $29,317.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV was up by 0.55% to buck the trend early on.

It was a bearish start for the rest of the majors, however.

At the time of writing, Crypto.com Coin and Cardano’s ADA were down by 7.05% and by 5.63% respectively to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $32,228 to bring the first major resistance level at $34,260 into play.

Support from the broader market would be needed for Bitcoin to break out from the 23.6% FIB of $33,008.

Barring an extended crypto rally, first major resistance level and resistance at $34,500 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance the second major resistance level at $37,648.

Failure to move through the $32.228 pivot would bring the first major support level at $28,840 into play.

Barring another extended crypto sell-off, Bitcoin should avoid the 38.2% FIB of $27,465. The second major support level sits at $26,808.

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