Bitcoin fell by 0.77% on Thursday. Following on from a 0.64% decline on Wednesday, Bitcoin ended the day at $9,400.0.
It was a mixed start to the day. Bitcoin recovered from an early dip to strike a late morning intraday high $9,496.9 before hitting reverse.
Falling well short of the first major resistance level at $9,606.27, Bitcoin slid to a late intraday low $9,285.0.
The reversal saw Bitcoin fall through the first major support level at $9,300.27 before finding late support.
Bitcoin broke back through the first major support level to $9,400 levels, limiting the loss on the day.
The near-term bullish trend remained intact in spite of last week’s sell-off, with Bitcoin holding well above the 23.6% FIB of $8,900.
For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a bearish day on Thursday.
Binance Coin (-1.53%), Bitcoin Cash SV (-1.49%), Cardano’s ADA (-1.91%), Litecoin (-1.45%), Ripple’s XRP (-1.68%), and Stellar’s Lumen (-1.47%) lead the way down.
Bitcoin Cash ABC (-1.21%), EOS (-1.19%), Ethereum (-1.09%), and Tron’s TRX (-1.03%) also struggled on the day.
Monero’s XMR and Tezos saw relatively modest losses of 0.17% and 0.51% respectively.
Through the current week, the crypto total market cap fell to a Monday low $246.94bn before rising to a Wednesday high $266.87bn. At the time of writing, the total market cap stood at $260.24bn.
Bitcoin’s dominance rose to a Monday high 66.60% before sliding to a Wednesday low 65.87%. At the time of writing, Bitcoin’s dominance stood at 66.10%.
At the time of writing, Bitcoin was down by 0.48% to $9,355.0. A bearish start to the day saw Bitcoin fall from an early morning high $9,400.0 to a low $9,333.4.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day on Friday.
Binance Coin was up by 0.33% to buck the trend early on.
It was bearish for the rest of the pack, however, with Cardano’s ADA down by 1.05% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $9,394 pivot to bring the first major resistance level at $9,502.93 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $9,496.6. Resistance at $9,500 has continued to pin Bitcoin back since 11th June.
Barring a broad-based crypto rally, the first major resistance level and Thursday’s high $9,496.9 would likely cap any upside.
In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,595.87.
Failure to move through the $9,394 pivot level could see Bitcoin struggle on the day.
A fall through the morning low $9,333.4 would bring the first major support level at $9,291.03 into play.
Barring another extended crypto sell-off, however, Bitcoin should steer clear of sub-$9,000 levels. The second major support level at $9,182.07 should limit any downside.
This article was originally posted on FX Empire
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