Bitcoin slid by 7.16% on Saturday. Partially reversing a 15.14% rally from Friday, Bitcoin ended the day at $5,218.2.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $5,682.4 before hitting reverse.
Falling short of the first major resistance level at $6,399.33, Bitcoin slid to a late morning low $5,207.6.
Steering clear of the first major support level at $3,653.3, Bitcoin recovered to $5,500 levels before sliding back.
Through the 2nd half of the day, Bitcoin tumbled to a final hour intraday low $5,095.0. In spite of the reversal, Bitcoin steered clear of the first major support level at $4,426.03, before recovering to $5,200 levels.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, reaffirmed by Friday’s swing lo $4,000.
For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was also a bearish day on Saturday.
Cardano’s ADA and Tezos led the way down, with losses of 10.25% and 10.94% respectively.
Ethereum (-9.80%), Litecoin (-9.42%), Ripple’s XRP (-8.18%), and Binance Coin (-7.90%) weren’t far behind.
Bitcoin Cash ABC (-6.95%), Bitcoin Cash SV (-5.33%), EOS (-6.90%), Monero’s XMR (-3.37%), Stellar’s Lumen (-6.70%), and Tron’s TRX (-4.25%) saw relatively modest losses on the day.
Through the current week, the crypto total market cap slid from a Monday current week high $233.12bn to a Friday current week low $118.11bn. Friday’s partial recovery saw the total market cap hit $166bn levels before easing back. At the time of writing, the total market cap stood at $150.21bn.
Bitcoin’s dominance returned to 64% levels before falling back to 63.2% levels. At the time of writing, Bitcoin’s dominance stood at 63.6%.
Trading volumes hit $241bn levels early on Friday after having fallen back to $121bn levels earlier in the week. Volumes hit reverse once more on Saturday to $123bn levels, however. At the time of writing, 24-hr volumes stood at $124.45bn.
At the time of writing, Bitcoin was up by 1.12% to $5,276.8. A mixed start to the day saw Bitcoin fall to an early morning low $5,133.0 before striking a high $5,312.1.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Binance Coin bucked the trend early, with a 0.06% fall. It was a bullish for the rest of the pack, however.
Bitcoin Cash ABC and Monero’s XMR led the way, with gains of 1.71% and 1.42% respectively.
For the Bitcoin Day Ahead
Bitcoin would need to move through to $5,330 levels to bring the first major resistance level at $5,568.73 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $5,312.1.
Barring an extended crypto rally, the first major resistance level at $5,568.73 would likely cap any upside.
Failure to move through $5,330 levels could see Bitcoin struggle throughout the day.
A fall back through the morning low $5,133.0 would bring the first major support level at $4,981.33 into play.
Barring a broad-based crypto sell-off, however, Bitcoin should steer clear of sub-$5,000 levels on the day.
This article was originally posted on FX Empire