The Pendulum Swings in Favor of the Crypto BearsBitcoin is looking to buck the broader market trend again this morning. A number of the majors are tracking, however, following some heavy losses this week.
A bullish start to the week failed to get the crypto bulls into action, with Bitcoin the only top 10 cryptos to sit in positive territory for the current week.
After rising to a current week high $5,690 on Wednesday, Bitcoin also struggled. Bitcoin slid back to a current week low $5,055 on Thursday before finding support.
In spite of the reversal, Bitcoin continued to avoid a return to sub-$5,000 levels, last visited on 15th April.
A 4.82% slide on Thursday did the damage for the current week, limiting Bitcoin to a 1.53% gain, Monday through Saturday.
The Rest of the Pack,
Across the rest of the top 10 cryptos, it was a sea of red.
Leading the reversal, Monday through Saturday, was Bitcoin Cash ABC, which was down by 10.77%. In a particularly bearish week, Bitcoin Cash ABC saw red for 5-consecutive days going into Sunday.
While Bitcoin Cash ABC managed to hold onto the number 4 spot by market cap, both EOS and Litecoin are now within range.
Things were not much better for Litecoin and EOS, however, which were down by 8.7% and 8.38% respectively.
The trio had enjoyed some sizeable gains going into the 2nd half of April that ultimately led to heavier losses. With the sentiment turning bearish, investors were quick to lock in profits as a number of the majors began to take heavy daily losses.
It remains to be seen whether Litecoin will find further support ahead of this summer’s halving event when considering the pullback from a current year high $99.89 struck on 3rd April.
Looking across the majors, Cardano’s ADA saw the lightest losses in the current week, down by 2.91%.
Even Binance Coin, which had benefitted from plenty of buying interest, was down 5.85%. The Binance pullback continues to reflect the nature of the crypto market and the general lack of platform differentiation.
For Binance Coin, the crypto environment has certainly not changed to leave Binance deep in the red for the week for the first time since late January.
As a result of the current week reversal, the total crypto market cap fell from $185bn levels to $167.5bn levels before recovering to $170bn levels.
Unsurprisingly, Bitcoin’s dominance crept up to 54.4%, while 24-hour volumes for the broader market tumbled to sub-$40bn levels.
There were no major news events to deliver the broad-based crypto reversal. Bitcoin’s failure to breakout from $5,600 levels may well have influenced, however.
At the time of writing, Bitcoin was up by 0.56% to $5,432.3. A bullish start to the day saw Bitcoin bounce back from a late Saturday pullback to a morning high $5,446.3.
Bitcoin fell short of the first major resistance level at $5,456.13 early on, however.
Across the broader market, Binance Coin was on the move early on, up by 2.56%. EOS, Stellar’s Lumen, and Ripple’s XRP were also in the green with minor gains.
Seeing more red, however, were Litecoin and Ethereum, which were down by 0.28% and 0.29% respectively.
For the Day Ahead,
Bitcoin could give the bulls a run late in the weekend with a breakthrough to $5,500 levels.
A pullback to sub-$5,400 levels would likely lead to another broad-based sell-off, however.
It’s looking like a choppy day ahead and Bitcoin will likely dictate sentiment throughout the day.