Bitcoin slid by 5.6% on Thursday. Following on from a 0.47% decline on Wednesday, Bitcoin ended the day at $7,671.1.
A relatively bullish start to the day saw Bitcoin rise to an early morning intraday high $8,155.9 before hitting reverse.
Falling short of the first major resistance level at $8,229.13, Bitcoin slid to a mid-afternoon intraday low $7,500.0.
Bitcoin tumbled through the day’s major support levels to the lowest level since 25th October.
Finding support through the 2nd half of the day, Bitcoin briefly revisited $7,700 levels before easing back.
The crypto meltdown left Bitcoin at sub-$8,000 levels at the day end for the first time since 23rd October.
In spite of the crypto meltdown, however, Bitcoin did manage to avoid tumbling through the 62% FIB of $7,245.
For the bulls, the extended bullish trend remained intact in spite of failing to break back through the 38.2% FIB of $9,734. Bitcoin has continued to hold above the 62% FIB of 7,245.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was also bearish for the majors on Thursday.
EOS led the way down, sliding by 8.43%.
Binance Coin (-7.20%), Bitcoin Cash ABC (-7.59%), Ethereum (-7.76%), and Litecoin (-7.78%) also saw particularly heavy losses.
Bitcoin Cash SV (-4.83%), Stellar’s Lumen (-4.65%), and Tron’s TRX (-5.85%) saw more modest losses on the day.
In a particularly bearish week thus far, the total crypto market cap fell from a Monday high $237.09bn to a Thursday low $207.2bn. At the time of writing, the total market cap stood at $209.24bn.
Bitcoin’s dominance recovered to 66% levels on the day, as a number of the top 10 took a deep dive. Trading volumes bounced back from sub-$70bn levels, with 24-hour volumes hitting $77bn levels on the day.
At the time of writing, Bitcoin was up by 0.32% to $7,695.5. A relatively bullish start to the day saw Bitcoin rise from an early morning low $7,659.4 to a high $7,712.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Binance Coin led the way with a 1.10% gain through the first hour.
While the rest of the pack also found early support, Ripple’s XRP trailed, with a 0.19% gain.
For the Bitcoin Day Ahead
Bitcoin would need to move through to $7,800 levels to support a run at the first major resistance level at $8,051.33.
Following Thursday’s meltdown, however, Bitcoin would need the support of the broader market to break back through to $8,000 levels.
Barring a broad-based crypto rebound on the day, the first major resistance level would likely cap any upside.
In the event of a breakout, Bitcoin could revisit Thursday’s high $8,155.9 before pulling back.
Failure to move back through to $7,800 levels could see Bitcoin spend a 5th consecutive day in the red.
A fall back through the morning low $7,659.4 would bring the first major support level at $7,395.43 into play.
Barring another crypto meltdown, however, Bitcoin should steer clear of the 62% FIB of $7,245 on the day.
This article was originally posted on FX Empire
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