The Crypto Week – The Bears Fight BackIt’s been a bearish week as the bears look to take back control following a bullish first half of the year… A Sunday rebound may not be enough.
Bitcoin sees modest losses in the current week as the rest of the pack tumble.
Bitcoin slid by 3.85% on Saturday. Reversing a 3.75% gain from Friday, Bitcoin ended the day at $11,312.
A particularly bearish morning saw Bitcoin fall from an intraday high $11,803 to a late morning low $11,100.
The reversal saw Bitcoin fall through the first major support level at $11,276 and 23.6% FIB of $11,275.
Late morning support led to a move back to $11,400 levels before a late afternoon slide. The slide saw Bitcoin fall back through the first major support level and 23.6% FIB to an intraday low $10,805.
Coming within range of the second major support level at $10,787, Bitcoin recovered to $11,300 levels late in the day.
For the bulls, recovering to $11,000 levels was key, supporting a move back through the 23.6% FIB of $11,275.
For the current week, Bitcoin was down by 1.51%. A particularly bearish 2nd half of the week saw Bitcoin see red on 3 out of the last 4 days to reverse gains from the start of the week.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was a sea of red.
Leading the way down was Bitcoin Cash SV, which slid by 5.85% on Saturday. Also seeing heavy losses were Tron’s TRX (-4.08%), Litecoin (-3.88%), and Ripple’s XRP (-3.65%).
EOS and Binance Coin saw the most modest losses on the day, falling by 1.19% and 1.59% respectively.
For the current week, Bitcoin Cash SV and EOS led the way down, with losses of 22.46% and $20.57% respectively.
Tron’s TRX wasn’t far behind with a 19.6% fall, Monday through Saturday.
Binance Coin saw the most modest loss, falling by 4.92%, becoming Bitcoin’s closest rival on the week.
Bitcoin’s modest losses saw dominance levels rise to 65.0% at the time of writing, up from 62.3 levels from a week ago.
The bearish week saw the total crypto market cap slide from a Wednesday current week high $356.89bn to a current week low $300.84bn. At the time of writing, the total crypto market cap stood at $309.42bn.
24-hour trading volumes were also on the slide. Volumes fell back from $108bn levels on Thursday to $62.13bn at the time of writing.
At the time of writing, Bitcoin was down by 1.18% to $11,179. A mixed morning saw Bitcoin rise to a morning high $11,400 before falling to a low $11,118.
Steering clear of the major support and resistance levels, Bitcoin fell through the 23.6% FIB of $11,275 early on.
Elsewhere, there was red across the crypto-board for the majors. Bucking the trend through the morning was Binance Coin, however, which was up by 3.11% at the time of writing.
Bitcoin Cash SV and Bitcoin Cash ABC led the way down, with losses of 1.99% and 1.00% respectively.
For the Day Ahead
Bitcoin would need to break back through the 23.6% FIB of $11,275 to $11,310 levels to bring the first major resistance level at $11,808.33 into play.
Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $11,803 would likely limit any upside.
Failure to move back through the 23.6% FIB to $11,310 levels could see Bitcoin slide deeper into the red.
A fall through the morning low $11,118 would bring the first major support level at $10,810.33 into play.
Barring a broad-based crypto sell-off, Bitcoin should steer clear of sub-$10,800 levels on the day.