Bitcoin slid by 6.33% on Thursday. Reversing a 1.28% gain from Wednesday, Bitcoin ended the day at $9,272.2.
A bullish start to the day saw Bitcoin rise to an early morning intraday high $9,972.8 before hitting reverse.
Falling short of the first major resistance level at $10,053.33, Bitcoin slid to a late afternoon intraday low $9,084.0.
The reversal saw Bitcoin fall through the day’s major support levels before finding support from the broader market.
A partial recovery to $9,270 levels saw Bitcoin move back through the third major support level at $9,156.67.
The near-term bullish trend remained intact in spite of Thursday’s sell-off, with Bitcoin holding well above the 23.6% FIB of $8,900.
For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was also a particularly bearish day on Thursday.
Cardano’s ADA (-10.36%), Stellar’s Lumen (-10.45%), Tezos (-9.73%), and Tron’s TRX (-10.42%) led the way down.
Binance Coin (-6.84%), Bitcoin Cash ABC (-8.68%), Bitcoin Cash SV (-7.38%), EOS (-8.86%), Ethereum (-7.22%), Litecoin (-7.54%), Monero’s XMR (-8.86%), and Ripple’s XRP (-7.44%) weren’t far behind.
Through the current week, the crypto total market cap had recovered from a Tuesday low $265.84bn. The market cap rose to a Wednesday high $278.33bn before a slide to a current week low $252.82bn. At the time of writing, the total market cap stood at $259.01bn.
In the week, Bitcoin’s dominance hit a current week high 66.36% and low 65.70% in Thursday’s sell-off. At the time of writing, Bitcoin’s dominance stood at 66.15%.
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At the time of writing, Bitcoin was up by 0.61% to $9,328.6. A mixed start to the day saw Bitcoin fall to an early morning low $9,246.0 before striking a high $9,330.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bullish start to the day. Tezos was up by 2.33% at the time of writing, to lead the way. Binance Coin (+1.29%) and Cardano’s ADA (+1.13%) also found strong support early on.
For the Bitcoin Day Ahead
Bitcoin would need to move through to $9,450 levels to bring the first major resistance level at $9,802.0 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from $9,500 levels.
Barring a broad-based crypto rally, resistance at $9,500 would likely leave Bitcoin short of the first major resistance level.
In the event of a crypto rebound, Bitcoin could eye Thursday’s high $9,972.8 before any pullback.
Failure to move through the $9,450 pivot could see Bitcoin struggle for another day.
A fall back through the morning low $9,246.0 to sub-$9,200 levels would bring the first major support level at $8,913.2 into play.
Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,554.2. The 23.6% FIB of $8,900 should limit any downside.