FXEMPIRE
All
Ad
Advertisement
Advertisement
Bob Mason
Add to Bookmarks
Bitcoin and Litecoin over dollar banknotes.

Bitcoin, BTC to USD, rose by 0.83% on Sunday. Following a 0.42% gain on Saturday, Bitcoin ended the week down by 7.09% to $31,820.0.

Advertisement
Know where Bitcoin is headed? Take advantage now with 

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

A bullish start to the day saw Bitcoin rally to an early morning intraday high $32,453.0 before hitting reverse.

Bitcoin broke through the first major resistance level at $31,970 and the second major resistance level at $32,380.

The reversal, however, saw Bitcoin slide to an early afternoon intraday low $31,111.0.

Bitcoin fell through the first major support level at $31,180 before briefly revisiting $31,900 levels.

Coming up against resistance at $32,000, Bitcoin eased back to end the day at $31,800 levels.

The near-term bullish trend remained intact, in spite of the latest return to $31,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

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

Crypto.com Coin fell by 1.50% to lead the way down.

Litecoin (-0.76%) and Ethereum (-0.44%) also bucked the trend on the day.

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

Bitcoin Cash SV rallied by 5.82% to lead the way, with Polkadot rising by 2.12%.

Binance Coin (+0.53%), Cardano’s ADA (+0.76%), Chainlink (+0.97%), and Ripple’s XRP (+0.73%) also found support.

It was a bearish week for the majors, however.

Chainlink (-15.58%) led the way down, with Cardano’s ADA (-12.39%), Polkadot (-11.96%), Crypto.com Coin (-11.94%), Ethereum (-11.67%), and Litecoin (-11.27%) also seeing heavy losses.

Binance Coin (-6.14%), Bitcoin Cash SV (-4.39%), and Ripple’s XRP (-7.49%) saw relatively modest losses, however.

In the week, the crypto total market rose to a Monday high $1,419bn before falling to a Friday low $1,248bn. At the time of writing, the total market cap stood at $1,285bn.

Bitcoin’s dominance fell to a Thursday low 45.47% before rising to a Saturday high 46.86%. At the time of writing, Bitcoin’s dominance stood at 46.38%.

Advertisement

This Morning

At the time of writing, Bitcoin was down by 0.04% to $31,806.0. A mixed start to the day saw Bitcoin fall to an early morning low $31,720.0 before rising to a high $31,921.0.

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

Elsewhere, it was a mixed start to the day.

Cardano’s ADA and Ripple’s XRP saw early losses of 0.10% and 0.09% respectively to join Bitcoin in the red.

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

At the time of writing, Ethereum was up by 0.40% to lead the pack.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $31,794 pivot to bring the first major resistance level at $32,478 into play.

Support from the broader market would be needed for Bitcoin to break back through to $32,400 levels.

Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $32,453.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $33,500 before any pullback. The second major resistance level sits at $33,137.

A fall back through the $31,795 pivot would bring the first major support level at $31,136 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$30,000 levels. The second major support level at $30,453 should limit the downside.

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