The Crypto Week – The Bears Attempt to Fight Back

It’s been a bearish week for the majors and, while Stellar’s Lumen took a hit, it could have been worse…
Bob Mason
Bitcoin symbol in blockchain technology and cryptocurrency concept. Abstract background 3d illustration.

Following a bullish week last week, the bears looked to take back the reins this week.

Bitcoin gained 0.81% on Saturday. Following on from a 1.44% rise on Friday, Bitcoin ended the day at $8,055.

A relatively choppy morning saw Bitcoin fall from $8,070 levels to a mid-morning intraday low $7,950.

Steering clear of the first major support level at $7,796.8, Bitcoin bounced back to a late morning intraday high $8,135.2.

In spite of the morning rebound, Bitcoin fell short of the first major resistance level at $8,170.9.

Reversing through the late morning, Bitcoin slid back to sub-$8,000 levels and an afternoon low $7,963.2 before finding support to move back through to $8,000 levels.

For the current week, Monday through Saturday, Bitcoin was down by 1.59% in spite of 3 consecutive days in the green. A bearish start to the week did the damage, with Bitcoin seeing red in the first 3-days of the week.

In spite of the bearish start, sub-$8,000 support levels delivered on Saturday, with Bitcoin ending the day at $8,000 levels for the first time since last Sunday.

The Rest of the Pack,

Across the rest of the top 10 cryptos, the majority followed Bitcoin into the red.

Bucking the trend going into this morning, however, were Binance Coin and Litecoin.

Following last week’s 39.5% rally, Binance Coin continued to find support to strike a new swing hi $35.75 on Saturday. In spite of the bearish sentiment across the broader market, Binance Coin saw green on 5 of the 6 days this week. Biance Coin was up by 20.6% to the end of Saturday.

Joining Binance Coin in positive territory was Litecoin, which was up by 8.41% to the end of Saturday. A trailblazing 12.93% rally on Friday reversed losses from earlier in the week

Elsewhere, it was red for the rest of the pack, with Stellar’s Lumen suffering the heaviest losses in the week, down 12.9%.

Also seeing heavy losses were Ripple’s XRP and Cardano’s ADA, which were down by 7.64% and by 6.99% respectively.

The pullback across the broader market came as 24-hour trading volumes continued to ease back through the week. 24-hour trading volumes fell from $88bn levels at the start of the week to $65bn levels this morning.

In spite of the bearish week that left the majors struggling, support late in the week led to the total crypto market cap back to $250bn levels.

While the news wires were on the quieter side in the 2nd half of the week, news of the SEC decision to further delay its Bitcoin ETF decisions weighed in the 1st half of the week.

This Morning,

At the time of writing, Bitcoin was down by 0.54% to $8,011.2. A bearish start to the day saw Bitcoin fall from a morning high $8,058 to a low $7,975 before finding support.

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

Elsewhere, Bitcoin Cash ABC gave up $400 levels with an early 1.79% loss. Following a particularly bullish run, Binance Coin led the way down, however, falling by 3.72% at the time of writing.

For the Day Ahead,

The Bitcoin bulls will be looking to hold onto $8,000 levels through the day. A move back through $8,050 levels would bring $8,100 levels and the first major resistance level at $8,143.47 into play.

Sentiment across the broader market would need to materially improve, however, for Bitcoin to breakout from $8,050 levels.

Failure to move back through to $8,050 levels could see Bitcoin fall back through the morning low $7,975.

Barring an extended crypto reversal, however, Bitcoin will likely steer clear of the first major support level at $7,958.27.

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