It's a mixed start to the day. A Bitcoin move back through to $18,000 levels would provide support to the broader market.
Crypto.com Coin, BTC to USD, slid by 8.09% on Thursday. Following on from a 2.12% loss on Wednesday, Bitcoin ended the day at $17,213.0.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $18,908.0 before hitting reverse.
Falling short of the first major resistance level at $19,316, Bitcoin slumped to a late intraday low $16,317.0.
The extended sell-off saw Bitcoin fall through the day’s major support levels before finding support.
A late move back through the third major support level at $16,914 to $17,000 levels reduced the deficit on the day.
The near-term bullish trend remained intact, in spite of the latest slide back to sub-$17,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $9,920 to form a near-term bearish trend.
Across the rest of the majors, it was another bearish day on Thursday.
Crypto.com Coin slumped by 19.23% to lead the way down.
Binance Coin (-9.74%), Bitcoin Cash SV (-13.85%), Cardano’s ADA (-10.72%), Chainlink (-11.68%), Ethereum (-8.58%), Litecoin (-12.96%), and Ripple’s XRP (-14.78%) also saw heavy losses.
Polkadot (-0.86%) saw a modest loss on the day.
In the current week, the crypto total market cap rose to a Tuesday high $593.15bn before sliding to a Thursday low $467.23bn. At the time of writing, the total market cap stood at $509.07bn.
Bitcoin’s dominance rose to a Monday high 64.75% before sliding to a Tuesday low of 60.80%. At the time of writing, Bitcoin’s dominance stood at 63.12%.
At the time of writing, Bitcoin was up by 0.69% to $17,331.1. A mixed start to the day saw Bitcoin fall to an early morning low $17,091.0 before rising to a high $17,348.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin bucked the trend early on, falling by 0.77%.
It was a bullish start for the rest of the majors, however.
At the time of writing, Ripple’s XRP was up by 2.74% to lead the pack.
Bitcoin would need to move through the pivot level at $17,479 to bring the first major resistance level at $18,641 into play.
Support from the broader market would be needed for Bitcoin to break back through to $18,000 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a crypto breakout, Bitcoin could test resistance at $19,000 before any pullback. The second major resistance level sits at $20,070.
Failure to move through the $17,479 pivot would bring the first major support level at $16,050 into play.
Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$15,000 levels. The 23.6% FIB of $15,840 should limit any downside. In the event of another sell-off, the second major support level sits at $14,888.
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.