Bitcoin Struggles to Regain $8,000 and that Could Mean Trouble

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Bitcoin slid by 3.93% on Wednesday. Following on from a 0.67% loss on Tuesday, Bitcoin ended the day at $7,620.

Bearish through the morning, Bitcoin fell from a morning high $7,998.5 to a late morning low $7,750 before finding support.

Falling through the first major support level at $7,799.67, Bitcoin recovered to an early afternoon intraday high $8,039.9.

Falling short of the first major resistance level at $8,078.87, Bitcoin slide to a late intraday low $7,500.

The late sell-off saw Bitcoin slide back through the first major support level at $7,799.67 and second major support level at $7,667.63.

A 3rd consecutive day in the red left Bitcoin down by 6.9% for the current week.

Elsewhere,

Across the top 10 cryptos, it was a sea of red on Wednesday.

Leading the way down on the day were Stellar’s Lumen and Cardano’s ADA, which fell by 9.12% and by 8.09% respectively.

Bitcoin Cash ABC (-6.82%), Ripple’s XRP (-6.36%) and Binance Coin (-5.32%) also saw heavy losses.

For Litecoin and Ethereum, 3.87% and 4.45% losses were minor relative to the broader market.

While it was a particularly bearish day on Wednesday, Binance Coin managed to hold onto positive territory for the current week. Bucking the trend from the broader market, Binance Coin was up by 5.3% to the end of Tuesday.

Elsewhere, Stellar’s Lumen, Ripple’s XRP and Cardano’s ADA saw double-digit losses. Leading the way down was Stellar’s Lumen with a 14.4% slide. Ripple’s XRP and Cardano’s ADA were down by 11.2% and 10.5%.

As a result of the pullback, the total crypto market cap is down to $239bn levels, with the 24-hour trading volumes easing back further to $72bn levels.

The current week reversal coincided with news of the SEC further delaying the Bitcoin ETF decisions. A lack of a near-term catalyst left Bitcoin struggling at $8,000, ultimately weighing on the broader market.

This Morning,

At the time of writing, Bitcoin was up by 0.13% to $7,630.0.

Moves through the early morning saw Bitcoin rise from a morning low $7,525.0 to a morning high $7,701.6 before easing back.

Bitcoin left the major support and resistance levels untested early on and more significantly continued to fall short of $8,000 levels.

Elsewhere, Stellar’s Lumen and Ripple’s XRP joined Bitcoin in the green, with gains of $0.07% and 0.35% respectively.

The rest of the pack were in the red, at the time of writing, led by Bitcoin Cash ABC, which was down by 0.97%.

BTC/USD 23/05/19 Daily Chart

For the day ahead

Bitcoin would need to move back through to $7,720 levels to support a rally later in the day. A move through $7,780 would bring the first major resistance level at $7,939.93 into play.

For the broader market, Bitcoin would need to break back through to $8,000 levels and Wednesday’s high $8,039.9 to provide support.

Failure to move back through to $7,720 levels could see Bitcoin hit reverse. A slide back through to $7,500 levels would bring the first major support level at $7,400.03 into play.

Barring a crypto meltdown, Bitcoin would likely steer clear of sub-$7,400 levels in the event of a reversal.

Bitcoin and the Clan See Red as Investors Lock in Gains

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Bitcoin fell by 2.41% on Monday. Partially reversing a 12.8% rally from Sunday, Bitcoin ended the day at $7,990.6.

A bearish start to the day saw Bitcoin slide from an intraday high $8,188 to an early afternoon intraday low $7,600.1.

In spite of the bearish morning, Bitcoin steered clear of the first major support level at $7,535.33.

Finding support from the broader market, Bitcoin managed to strike a 2nd half of a day high $8,112.0 before easing back.

Falling well short of the day’s major resistance levels, Bitcoin gave up $8,000 by the day end.

Elsewhere,

Across the top 10 cryptos, it was mostly red for the majors. Leading the way down were Stellar’s Lumen and Ripple’s XRP, which fell by 5.65% and by 4.49% respectively.

Having trailed the broader market through most of April and May, the pair had played catch up in last week’s crypto rally.

The heavier losses on the day were a reflection of the size of the gains made in the rebound rather than a shift in sentiment towards the pair.

EOS (-3.42%), Ethereum (-3.16%), and Litecoin (-3.51) also saw relatively heavy losses on the day.

Bucking the trend was Binance Coin, which was the only major to close out the day in the green with a 1.31% gain.

The latest broad-market reversal came from a delayed market reaction to the news that the SEC once again delayed its decision on the Bitcoin ETF applications.

Expectations had been for the SEC to finally deliver. As we had covered previously, however, a crypto regulatory environment would need to be in place before the SEC is likely to consider any approvals.

The G20 rules and regulations are due out this summer, assuming there are no delays. It may well be a while before the SEC will can comfortable to approving the ETFs.

This Morning

At the time of writing, Bitcoin was down by 1.13% to $7,900.5. Bearish through the early hours, Bitcoin fell from a morning high $8,034.0 to a low $7,836.8 before finding support.

Bitcoin moved within relatively tight ranges to leave the major support and resistance levels untested.

Elsewhere, it was a sea of red across the crypto top 10. Leading the way down was Binance Coin, which was down by 3.26% at the time of writing.

BTC/USD 21/05/19 Daily Chart

For the day ahead

Bitcoin would need to move back through to $7,930 levels to support a rebound later in the day. A move through $7,930 would bring $8,000 levels back into play.

Support from the broader market would be needed, however, for Bitcoin to take a run at the first major resistance level at $8,252.37.

Barring a broad-based crypto rebound, Monday’s high $8,188 would likely cap any upside in the event of a recovery.

Failure to move through to $7,930 levels could see Bitcoin fall deeper into the red. A pullback through the morning low $7,836.8 would bring $7,700 levels into play before any recovery.

Barring a broad-based crypto sell-off, Bitcoin will likely steer clear of the first major support level at $7,664.47.

Bitcoin and the Majors See Red after another Bullish Start

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Bitcoin gained 2.32% on Wednesday. Following on from a 2.33% rise from Tuesday, Bitcoin ended the day at $8,136.6.

For the Bitcoin bulls, it was the first time since late July that Bitcoin managed to hold onto $8,000 levels by the day end.

On the day, a relatively range-bound start to the day saw Bitcoin fall to a late morning intraday low $7,832.5.

Steering well clear of the first major support level at $7,670.57, Bitcoin rallied to a late intraday high and new swing hi $8,209.0.

The late rally saw Bitcoin come within range of the first major resistance level at $8,213.67 before easing back.

The moves through the day reaffirmed the near-term bullish trend formed back at mid-December’s swing lo $3,215.2.

Elsewhere,

Across the top 10 cryptos, it was another sea of green for the majors. Leading the charge on the day was Stellar’s Lumen, which rallied by 22.97% on the day.

A number of the top 10 saw double-digit gains on the day, with Ethereum up by 14.4% to come a distant second to Stellar’s Lumen.

Binance Coin found much-needed support to gain 12.6%, with Ripple’s XRP (12.27%) and Litecoin (11.61%) also making solid gains.

Trailing the pack for a 2nd consecutive day was Bitcoin Cash ABC, which gained just 3.38% on the day.

A 3rd consecutive day of gains across the majors led to the market cap rising by $14bn to $255bn over the day.

This Morning,

At the time of writing, Bitcoin was down by 3% to $7,892.3. A choppy start to the day saw Bitcoin rise to a morning high and new swing hi $8,352.3 before hitting reverse.

An early rally saw Bitcoin break through the first major resistance level at $8,286.23 to hit $8,300 levels for the 1st time since 30th July.

The reversal saw Bitcoin fall through the first major support level at $7,909.73 to a morning low $7,800 before finding support.

Elsewhere, Litecoin and Ripple’s XRP also slid back into the red, with losses of 3.8% and 2.92% at the time of writing.

Leading the back through the early hours were Ethereum and Binance Coin, with gains of 2.63% and 2.05% respectively.

BTC/USD 16/05/19 Daily Chart

For the day ahead

Bitcoin would need to move back through to $8,060 levels to resume the upward trend seen through the week.

A move back through to $8,180 levels would support another run at $8,300 levels before any pullback.

Barring another crypto rally, Bitcoin will likely come up short of the second major resistance level at $8,435.87.

The first major resistance level at $8,296.23 and morning high $8,352.3 could cap the upside on the day.

Failure to move back through to $8,060 levels could see Bitcoin struggle through the day. A pullback through $7,860 could bring the morning low $7,800 back into play.

Barring a crypto meltdown, however, Bitcoin will likely steer well clear of sub-$7,700 support levels on the day.

Bubble? The Latest Moves Affirm the Bears’ Worst Fears. Bitcoin is here to Stay

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Bitcoin rallied by 11.32% on Monday. Reversing a 1.99% fall from Sunday, Bitcoin ended the day at $7.770.7.

Monday’s rally delivered a 2nd double-digit gain in just 3-days, with Bitcoin seeing green in 5 of the last 7-days.

On the day, Bitcoin had a relatively range-bound start to the day before making a move in the late morning.

On the rise from a start of a day intraday low $6,880, Bitcoin rallied to a late intraday high $8,021.8.

Whilst steering clear of the major support levels, sub-$7,000 support delivered once more on the day. Bitcoin broke through the first major resistance level at $7.334.93 and second major resistance level at $7,686.47 to strike $8,000 for the first time this year.

A late pullback saw Bitcoin ease back to $7,600 levels, but the damage to the bears had already been done.

Of greater significance on the day was Bitcoin’s breakout from the 62% FIB of $7,408. The move marked the beginning of a bullish trend formation as the bulls look to reverse a bearish trend formed back at May of last year’s swing hi $9,999.

Elsewhere,

Across the top 10 cryptos, while it was a sea of green across the majors, some certainly performed better than others.

Leading the majors on the day was Binance Coin, which found buying interest after last week’s 12.7% slide. Binance Coin gained 12.07% on the day.

Other notables were Bitcoin Cash ABC, which rallied by 7.6% and Ethereum, Binance Coin’s nemesis, which gained 4.4% on the day.

Trailing the majors was Stellar’s Lumen, which rose by just 0.8%.

In spite of Stellar Lumen’s lackluster performance, it remains within the top 10, for now at least.

The broad-based crypto rally on Saturday and Monday led the total crypto market cap through to $236.5bn, with 24-hour trading volumes sitting at $91bn levels.

Unsurprisingly, Bitcoin’s dominance has jumped to 59.5% following its recent run of form. The historical downward trend in the dominance figures in bullish environments appears to be broken for now. This could change should the likes of Ripple’s XRP and Stellar’s Lumen begin to catch up with the pack.

On the news front, perhaps China’s retaliation in the extended trade war between the U.S and China contributed to a visit to $8,000 levels.

The combined effect of a sell-off in the more matured markets and news of $1bn in capital raised by Bitfinex from institutional clients were certainly positives.

Institutional money is the next key step in Bitcoin and the cryptomarket’s evolution. The timing of the fundraising couldn’t have been better. The level of buying interests suggests there would be a sizeable inflow should the SEC approve the pending Bitcoin ETF reviews. Increased interest would also incentivize the rollout of other ETFs and investment vehicles targeting institutional clients.

This Morning,

At the time of writing, Bitcoin was up by 2.31% to $7,949.9. A relatively bullish start to the day saw Bitcoin rise from a morning low $7,731.3 to a morning high $7,970.9.

Moves through the early hours saw Bitcoin leave the major support and resistance levels untested.

Elsewhere, Ripple’s XRP joined to crypto party after trailing through much of the year. At the time of writing, Ripple’s XRP was up a whopping $20.86% to hit $0.39 levels.

The early moves by Ripple’s XRP supported other cryptomarket laggards.  Stellar’s Lumen was a distance second with a 14.2% gain at the time of writing.

As we saw with Binance Coin on Monday, investors have been on the hunt for oversold cryptos and there was no better place to look than both, Stellar’s Lumen and Ripple’s XRP.

BTC/USD 14/05/19 Daily Chart

For the day ahead

It may all rest on the shoulders of Bitcoin to deliver an extended rally through today and beyond. A move back through to $8,000 levels would certainly support a rapid rise to $9,000 levels.

A few curveballs remain for Bitcoin and the broader market, however. The first is the pending decision by the SEC on the 9 Bitcoin ETFs. The other is a rollout of rules and regulations by the G20 this summer.

Favorable outcomes could see Bitcoin return to the dizzy heights of late 2017.

Many an investor missed out last time around. The very fact that investors don’t want to miss out at a 2nd time of asking could ultimately see Bitcoin break into unchartered territory.

There’s a long way to go, however, and we have been here before….

Bitcoin Bucks the Trend Early in a Bid to Break from the Pack

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Bitcoin gained 1.6% on Wednesday. Following on from a 1.18% rise on Tuesday, Bitcoin ended the day at $6,201.5.

A particularly bearish start to the day saw Bitcoin slide to an early morning intraday low $6,007.8 before finding support.

In spite of the early sell-off, Bitcoin held above the first major support level at $5,977.6 and also avoided sub-$6,000 levels for a 2nd consecutive day.

Range-bound through the afternoon, Bitcoin struck a late intraday high $6,230 before pulling back.

Coming within range of the first major resistance level at $6,273.7, Bitcoin slid to an evening low $6,103.6 before recovering to $6,200 levels.

Elsewhere,

Across the top 10 cryptos, it was another mixed bag for the majors. On the positive front, Ethereum led the day once more, rising by 1.85%.

Other majors that ended the day in positive territory included Bitcoin Cash ABC and Litecoin, both rising by 0.64%. EOS and Cardano’s ADA also managed to avoid a reversal, gaining 0.37% and 0.12% respectively.

On the other end of the table, Stellar’s Lumen took a tumble on Wednesday, sliding by 2.8%. Binance Coin and Ripple’s XRP also saw red, the pair fell by 0.93% and by 0.49% respectively.

The newfound support for Ethereum continued to weigh on Binance Coin, in spite of Binance’s Launchpad platform that is expected to eat into Ethereum’s ICO “go to” status.

Bitcoin’s hold onto $6,000 levels has led to Bitcoin’s dominance rise to 57.1%. The increase in dominance has come despite the total crypto market cap hovering at just shy of $190bn levels.

Of some concern, however, will be a pullback in 24-hour volumes to sub-$50bn levels of late.

On the wires, news of Binance being hacked certainly didn’t help Binance Coin this week, though the 6th largest Bitcoin hack did have a relatively muted impact on the broader market.

The question will be whether the SEC sees this as yet another reason to roadblock institutional money from flooding into the market.

This Morning,

At the time of writing, Bitcoin was up by 1.43% to $6,290. A bullish start to the day saw Bitcoin rally from am morning low $6,200 to a high $6,344.0 before easing back.

The early rally saw Bitcoin break through the first major resistance level at $6,285.07 to come within range of the second major resistance level at $6,368.63.

Bitcoin steered well clear of the major support levels early on in the day.

Elsewhere, joining Bitcoin in the green was Litecoin, which was up by 0.35% at the time of writing. The rest of the majors were in the red, with Cardano’s ADA seeing the heaviest losses, down by 3.77%.

BTC/USD 09/05/19 Daily Chart

For the day ahead,

A hold onto $6,200 levels through the morning would bring $6,300 levels back into play later in the day. Bitcoin would need support from the broader market, however, to take a run at the second major resistance level at $6,368.63.

A broad-based crypto rebound could see Bitcoin breakout from $6,360 levels to bring $6,400 levels into play before any pullback.

Failure to hold onto $6,200 levels could see Bitcoin give up the morning gains. A pullback through to sub-$6,150 levels would bring sub-$6,100 levels into play before any recovery. Barring a crypto meltdown, however, Bitcoin will likely steer clear of the first major support level at $6,062.87.

A Crypto Bull Run in the Making or another False Start?

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Bitcoin slipped by 0.22% on Monday. Following on from a 0.93% fall from Sunday, Bitcoin ended the day at $6,027.9.

A bearish morning saw Bitcoin fall to a late morning intraday low $5,901 before finding support.

The reversal saw Bitcoin fall through the first major support level at $5,960.83.

Finding support from the broader market, Bitcoin recovered to a late afternoon intraday high $6,102 before easing back.

In spite of the return to $6,100 levels, Bitcoin fell short of the first major resistance level at $6,117.13.

For the Bitcoin bulls, a 4th consecutive hold onto $6,000 levels by the day’s end was key. Failing to hold onto $6,100 levels for a 4th consecutive day could be a test down the road, however.

Elsewhere,

Across the top 10 cryptos, it was a mixed bag for the majors. On the positive front, Ethereum logged the largest gain of the day. Having avoided a material sell-off in the early hours of Monday, Ethereum broke through to $170 levels to post a 6.1% gain on the day.

Other notables included Cardano’s ADA, which rose by 1.61% and Ripple’s XRP that ended the day up 0.99%.

On the other end of the table, Binance Coin saw the heaviest losses of the day, sliding by 3.12%. Binance Coin and Ethereum continue to trade blows, with upside for one weighing on the other. Bitcoin Cash ABC and Litecoin also saw red, falling by 2.3% and by 0.96% respectively.

For Ethereum, the gains came off the back of news hitting the crypto wires of regulators planning to approve Ethereum futures. Having previous approved Bitcoin Futures, the CFTC was reported to be willing to approve should all the requirements be met.

As was the case with Bitcoin, which rallied to its 2017 all-time high following the launch of Bitcoin futures, Ethereum could find significant interest in the coming weeks. Much will depend on updates from the CFTC, however.

This Morning,

At the time of writing, Bitcoin was up by 3.49% to $6,238.2. A particularly bullish start to the day saw Bitcoin rally from a morning low $6,028.9 to a high $6,325.0 before easing back.

The early rally saw Bitcoin break through the first major resistance level at $6,119.6 and second major resistance level at $6,211.3. It was Bitcoin’s first visit to $6,300 levels since the November sell-off.

Elsewhere, Ethereum was amongst the front runners, up by 3.69% to $177 levels. An early rally had seen Ethereum strike $180 levels before easing back. Bucking the trend across the top 10 was Binance Coin, which was down by 0.23% in the early hours.

BTC/USD 07/05/19 Daily Chart

For the day ahead

A hold onto $6,200 levels through the morning would bring $6,300 levels back into play later in the day. Support from the broader market would be needed, however, for Bitcoin to breakout from $6,250 levels.

The market will likely be eyeing Ethereum through the day. Further gains could deliver another boost for the broader market later in the day.

We can expect the bulls to be targeting $6,500 levels, though the third major resistance level at $6,412.3 will likely cap the upside on the day.

Failure to hold onto $6,200 levels could see Bitcoin ease back to $6,000 levels before any recovery. Barring a broad-based crypto sell-off, we would expect Bitcoin to steer well clear of the first major support level at $5,918.6.

Can Bitcoin Continue the Recovery? A Bullish Start to May Suggests it Can…

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Bitcoin gained 0.54% on Wednesday. Following on from a 2.18% rally on Tuesday, Bitcoin ended the day at $5,629.5.

Following April’s 35% gain, it’s another positive start to the month, in what was a trend-bucking day on Wednesday.

A bullish start to the day saw Bitcoin strike an intraday high $5,655 before easing back. Coming up against the first major resistance level at $5,657.17, Bitcoin eased to a late afternoon intraday low $5,577.5.

Steering well clear of the first major support level at $5,496.67, Bitcoin recovered to $5,600 levels late in the day.

For the bulls, it was the first hold onto $5,600 levels by the day’s end since 18th November.

Elsewhere,

Across the top 10 cryptos, joining Bitcoin in the green was Bitcoin Cash ABC, which rose by 0.8% on the day. The rest of the top 10 saw red.

Leading the way down were Cardano’s ADA and  Ripple’s XRP, which slid by 2.36% and 2.35% respectively.

Not far off was EOS, with a 1.71% loss on the day.

The losses came off the back of a relatively bullish end to April, which saw a number of the majors make double-digit gains on Tuesday to wrap up the month.

Leading the way through April was Bitcoin Cash ABC, which rallied by 57.5%. Bitcoin and Binance Coin also impressed, with gains of 35% and 30% respectively.

Bucking the trend through the month was Stellar’s Lumen which fell by 3.93%.

The sizeable gains saw Bitcoin Cash ABC hold onto the number 4 spot by market cap, with Binance ending the month at number 7.

On the news front, it was a relatively quiet day as the bulls and the bears looked to forecast Bitcoin’s next move.

Increased activity and chatter of the likes of NASDAQ and Fidelity looking to enter the cryptosphere are certainly supportive of the more bullish forecasts. The positive start to the month suggests that $6,000 could be around the corner. There is the issue of the SEC and the Bitcoin ETFs to consider, however…

This Morning,

At the time of writing, Bitcoin was up by just 0.07% to $5,633.2. Moves through the early hours saw Bitcoin fall from a morning high $5,647 to a low $5,611.1 before finding support.

A relatively range bound start to the day saw Bitcoin steer clear of the major support and resistance levels. Key through the morning was a hold onto $5,600 levels.

BTC/USD 02/05/19 Weekly Chart

For the day ahead

A hold above $5,620 levels through the morning would support another run at the first major resistance level at $5,663.83. Following a positive start to the month, support from the broader market would be needed, however, for Bitcoin to take a run at $5,700 levels.

Barring a broad-based crypto rally later in the day, Bitcoin will likely be pinned back to $5,600 levels on the day. The second major resistance level at $5,698.17 would likely cap the upside on the day.

Failure to hold onto $5,620 levels could see Bitcoin hit reverse later in the day. A fall through the morning low $5,611.1 would bring the first major support level at $5,586.33 into play.

Barring a crypto meltdown, Bitcoin would likely steer clear of the second major support level at $5,543.17 on the day.

The April Bulls Deliver for Bitcoin, while others Struggle on

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Bitcoin slipped by 0.06% on Monday. Partially reversing a 1.57% gain from Sunday, Bitcoin ended the day at $5,480.1.

A relatively range-bound start to the day saw Bitcoin rise to a mid-morning intraday high $5518 before hitting reverse.

Falling short of the first major resistance level at $5,554.43, Bitcoin fell to an early afternoon intraday low $5,365.0.

The reversal saw Bitcoin fall through the first major support level at $5,410.43 to come within range of the second major support level at $5,334.07 before finding support.

Recovering through the afternoon, Bitcoin managed to move back through to and hold onto $5,480 levels.

While the broader market has been in some choppy waters in recent weeks, Bitcoin was up by 31.5% for the current month to the end of Monday.

Elsewhere,

Across the top 10 cryptos, it was a sea of red for the majors on Monday. Bitcoin Cash ABC led the way down, sliding by 6.78%.

Other notable losses included a 4.58% slide in Binance Coin and a 4.22% fall in Cardano’s ADA. While the reversal fell short of being considered a crypto meltdown, the majors tracked each other through the first half of the day.

In spite of the heavy losses on the day, it could have been a lot worse had support not kicked in through the afternoon.

Providing direction to the broader market through the day was Bitcoin, which continued to struggle at $5,400 levels. Failure to hold onto $5,500 levels hit early in the day led to the pullback ahead of the month end.

There were no major news events on the day to hit the broader market, which saw the total market cap fall from $171.9bn to $167.6bn levels before recovering to $169.7bn levels.

As the month of April comes rapidly to an end, it’s been a mixed month for the majors. Joining Bitcoin with heavy gains are Bitcoin Cash ABC which leads the way with a 36.67% gain. Not far off the pace was Binance Coin, which was up 27.7% to the end of Monday.

It’s not green across the broad, however, with Stellar’s Lumen (-8.95%), Cardano’s ADA (-4.02%) and Ripple’s XRP (-2.18%) struggling.

While the total market cap rose from $144bn levels at the end of March, Bitcoin’s dominance has also been on the rise. Bitcoin’s dominance has risen from 50.3% at the end of March to 54.9% at the time of writing, the shift supporting the uptrend in the market cap.

This Morning,

At the time of writing, Bitcoin was down by 0.3% to $5,463.7. Moves through the early morning saw Bitcoin fall from a morning high $5,497.2 to a low $5,462.0.

Steering clear of the major support and resistance levels, the struggle at $5,400 continued to pin Bitcoin back from a breakout to $5,500 levels and beyond.

Elsewhere, Bitcoin Cash ABC and Litecoin were amongst the leading back, up by 1.76% and 1.29% respectively.

Joining Bitcoin in the red was Ripple’s XRP, which was down by 0.16% and Binance Coin, which was down by 0.21%.

BTC/USD 30/04/19 Weekly Chart

For the day ahead

Bitcoin would need to hold above $5,450 levels to support a move back into positive territory. A move through $5,490 would bring $5,550 levels and the first major resistance level at $5,543.73 into play.

Barring a broad-based crypto rally, Bitcoin would likely continue to come up short of $5,600 levels on the day.

Failure to hold above $5,450 levels could see Bitcoin hit reverse later in the day. A fall through the first major support level at $5,390.83 could be on the cards before any recovery. Barring a crypto meltdown, however, Bitcoin would likely steer clear of sub-$5,300 levels on the day.

Expect the broader market to respond to Bitcoin’s moves, particularly with Bitcoin’s dominance having been on the rise through April.

The Crypto Bears Fight Back. Can Bitcoin Take another Run at $6,000?

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Following Bitcoin’s positive start to the week, it was back into the red for the majors.

Bitcoin fell by 1.22% on Wednesday. Partially reversing a 2.37% rally on Tuesday, Bitcoin ended the day at $5,479.6.

A bullish start to the day saw Bitcoin look to buck the trend for a 2nd consecutive day. Bitcoin struck an early morning intraday high $5,690 ahead of a mid-morning sell-off.

The early rally saw Bitcoin break through the first major resistance level at $5,666.5 before hitting reverse.

Reversing through the late morning, Bitcoin fell through the first major support level at $5,406.6 to an intraday low $5,407.1.

A recovery to $5,500 levels by the early afternoon was short-lived, with Bitcoin closing out the day at $5,400 levels.

In spite of the reversal, Bitcoin remained in positive territory for the current week. The sell-off led to Bitcoin’s dominance to rise to 54.5%, reflecting a more bearish sentiment from last week’s sub-52% levels.

Elsewhere,

Across the top 10 cryptos, it was a sea of red, with Binance Coin the only major to buck the trend on the day.

Binance Coin gained 2.24% on Wednesday, with a late rally delivering the gains and bringing to an end a run of 3 consecutive days in the red.

Elsewhere, Stellar’s Lumen and EOS were amongst the worst performers, sliding by 6.94% and by 6.23% respectively.

The broad-based sell-off saw the total crypto market cap fall from $183bn levels to $174bn levels before support kicked. While not the largest of single day slides seen in the total market cap, investors were reminded just how quickly sentiment can change.

On the news front, there was nothing negative to influence the sell-off as investors continue to wait on for the SEC Bitcoin ETF decision. Profit taking at $5,600 levels likely contributed to the reversal in Bitcoin that impacted the broader market.

This Morning,

At the time of writing, Bitcoin was up by 0.15% to $5,487.9. Wednesday’s late recovery continued into the early hours of Thursday, providing some much needed early support. The day’s major support and resistance levels were left untested early on.

Elsewhere in the cryptomarket, a number of the majors were looking for a rebound from heavier losses on Wednesday.

Bitcoin Cash ABC was up by 1.4%, with Litecoin up by 1.42% at the time of writing. Bucking the trend in the first hour of the day, however, was Binance Coin once more. Binance coin was down by 1.8% at the time of writing.

BTC/USD 25/04/19 Daily Chart

For the day ahead,

Bitcoin would need to move through to $5,530 levels to resume the current upward trend seen since 2nd April’s 17.3% rally that led to a breakthrough to $5,000 levels.

A move through to $5,530 would bring $5,600 levels and the first major resistance level at $5,644.03 into play. Bitcoin would need support from the broad market, however, to break out from $5,500 levels on the day.

Failure to move through to $5,530 could see Bitcoin take another hit on the day. A fall through to $5,450 levels could bring sub-$5,400 levels into play before any recovery.

Barring another crypto meltdown, however, Bitcoin will likely steer clear of the first major support level at $5,361.13.

Getting through the morning will be key for the bulls. Is the positive start to the day just a spillover from late Wednesday or a rebound?

The Bitcoin Bulls Deliver $5,400. Next Up, $6,000…

Bitcoin symbol in blockchain technology and cryptocurrency concept. Abstract background 3d illustration.

Bitcoin was amongst the front runners at the start of the week.

Bitcoin gained 1.83% on Monday. Reversing a 0.34% loss from Sunday, Bitcoin ended the day at $5,417.8.

The bullish start to the week came off the back of a 2.5% rise in the week ending 21st April.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $5,276.5 before making a move. Steering clear of the first major support level at $5,261.93, Bitcoin rallied to a late afternoon intraday high $5,459.5.

The afternoon rally saw Bitcoin break through the first major resistance level at $5,374.93 and second major resistance level at $5,427.97 before easing back.

For the bulls, Monday’s gain was a 6th day in the green out of the last 7. Of greater significance was Bitcoin’s hold onto $5,400 levels by the day’s end.

It was Bitcoin’s highest end of day price since 18th November’s $5,659.5 and highest intraday since 19th November’s $5,659.5.

Elsewhere,

Across the top 10 cryptos, it was a mixed bag for the majors. Following an impressive run through the 2nd half of last week, Binance saw red, falling by 0.97%. Joining Binance was Litecoin, which fell by 0.44%.

For Binance, having made solid gains in recent weeks, some profit taking at the start of the week was in line with last week’s trend. Litecoin also suffered a similar fate, having been on the move since the turn of the year in anticipation of this year’s halving event.

Leading the way amongst the top 10 was Cardano’s ADA, which rallied by 6.22%. After a particularly bullish run since February, that led to a 2019 high $0.103722, it’s been bearish since. Cardano’s ADA had tumbled to $0.071 levels before finding support.

This Morning,

At the time of writing, Bitcoin was up by just 0.02% to $5,418.9. Recovering from an early morning low $5,387.5, Bitcoin moved to a morning high $5,433 before easing back.

Whilst leaving the major support and resistance levels untested, support at sub-$5,400 was key in the early hours.

Elsewhere, Cardano’s ADA continued its revival, up by 1.08% at the time of writing to lead the way amongst the majors.

It’s been a mixed start to the day, however, with Bitcoin Cash ABC, EOS and Stellar’s Lumen seeing minor losses. For the rest of the pack, the majors struggled for direction early on.

BTC/USD 23/04/19 Daily Chart

For the day ahead,

Bitcoin would need to hold onto $5,400 levels through the morning to support a run at the first major support level at $5,479.03.

Support from the broader market would be needed for a breakthrough Monday’s high $5,439.0, however. Barring a broad-based crypto rally, Bitcoin will likely struggle to break through to $5,500 levels.

In the event of a crypto breakout, Bitcoin could take a run at the second major resistance level at $5,540.27.

Failure to hold onto $5,400 levels could see Bitcoin struggle through the day. A pullback through the morning low $5,387.5 to $5,360 levels would bring the first major support level at $5,316.53 into play.

Barring a broad-based crypto sell-off, Bitcoin would likely steer clear of sub-$5,300 support levels on the day.

For the broader market, Bitcoin at $5,500 could fuel another broad-based rally…