Bitcoin Sees More Red as the Broader Market Takes another Weekly Hit

Fibo Quantum

Bitcoin fell by 2.44% on Saturday. Reversing most of a 2.89% gain from Friday, Bitcoin ended the day at $10,154.

A particularly bearish morning saw Bitcoin slide from an early morning intraday high $10,427 to a mid-morning intraday low $9,893.8.

Falling short of the first major resistance level at $10,567, Bitcoin fell through the first major support level at $10,148.

Bitcoin came within range of the second major support level at $9,888 before bouncing back to $10,200 levels.

A bearish end to the day left Bitcoin at $10,100 levels.

Having managed to hold onto positive territory through the week, Saturday’s pullback left Bitcoin down by 1.69% Monday through Saturday.

In spite of the weekly loss, Bitcoin continued to hold onto positive territory for the current month. To the end of Saturday, Bitcoin was up by 0.65% and remains the only major to continue to see green in August.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed bag on Saturday.

Litecoin led the way down, sliding by 2.76%. Binance Coin (-2.34%), Ripple’s XRP (-1.96%), Monero’s XMR (-1.90%), and Ethereum (-1.88%) also saw heavy losses.

While Bitcoin Cash SV saw a more modest 1.65% loss on the day, Stellar’s Lumen bucked the trend on the day. Stellar’s Lumen rose by 0.56%.

For the current week, however, there was nothing mixed about it, with all of top 10 in the red.

Monero’s XRM led the way down, falling by 8.21%, Monday through Saturday. Binance Coin (-5.66%), Ripple’s XRP (-4.24%) Litecoin (-3.79%) and Bitcoin Cash ABC (-3.34%) also saw heavy losses.

Bitcoin Cash SV (-1.86%), Ethereum (-1.98%), EOS (-0.78%), and Stellar’s Lumen (-0.48%), saw more modest losses.

For the current month, Bitcoin stood alone in positive territory, with Monero XMR’s 8.21% slide in the current week reversing gains from the month. For August, Monero’s XMR was down by 0.12% to the end of Saturday.

Leading the way down in August, was Litecoin with a 25.8% slide.

The total crypto market cap tumbled from a Tuesday high $282.72bn to a current week low $256.941bn on Thursday. At the time of writing, the total crypto market cap stood at $264.8bn.

This Morning

At the time of writing, Bitcoin was down by 0.33% to $10,120.9, Saturday’s late pullback continuing into the early hours. Bitcoin fell from an early morning high $10,188 to an early morning low $10,037.4.

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

Elsewhere, Stellar’s Lumen bucked the trend early on, up by 0.27% at the time of writing. It was red for the rest of the majors, with Bitcoin Cash SV leading the way down with a 0.7% fall.

Outside of the top 10, Tron’s TRX and Cardano’s ADA found strong support. At the time of writing, the pair was up by 1.31% and by 4.38% respectively. The morning gains point to a week of gains for the pair.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $10,160 levels to support another run at the first major resistance level at $10,422.7.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $10,188 to $10,200 levels.

Barring a broad-based crypto rebound, Saturday’s high $10,427 and the first major resistance level at $10,422.7 would likely limit any upside.

In the event of a broad-based crypto rally, $10,600 levels would likely come into play before any pullback.

Failure to move back through to $10,160 levels could see Bitcoin slide deeper into the red. A fall through the morning low $10,037.4 would bring the first major support level at $9,889.60 into play.

Barring an extended sell-off through the day, Bitcoin would likely steer clear of the 38.2% FIB of $9,734 and sub-$9,700 levels.

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