Bitcoin slid by 3.43% on Sunday. Following on from a 0.09% decline on Saturday, Bitcoin ended the week down by 2.56% to $7,883.0.
A bearish start to the day saw Bitcoin slide from an early morning intraday high $8,183.2 to a morning low $7,911.0.
Steering clear of the major resistance levels, Bitcoin fell through the first major support level at $8,064.73 and second major support level at $7,966.97.
Finding support in the early afternoon, Bitcoin recovered to an afternoon high $8,088 before hitting reverse.
The reversal saw Bitcoin slide to a late afternoon intraday low $7,806.7. Bitcoin fell back through the first and second major support levels before finding support.
Late in the day, Bitcoin managed to move back through to $7,900 levels before a late pullback.
Bitcoin last closed out at sub-$8,000 back was on 12th June…
For the bulls, the extended bullish trend remained intact in spite of the slide to sub-$8,000 levels. While falling back through the 38.2% FIB, Bitcoin 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 a mixed day for the majors on Sunday.
Ripple’s XRP bucked the trend on the day, gaining 0.78% to end the week up by 6.28%.
It was bearish for the rest of the pack on Sunday, however.
Binance Coin (-4.32%), Litecoin (4.17%), Ethereum (-3.70%), Bitcoin Cash SV (-2.97%), and EOS (-2.89%) all saw heavy losses.
Stellar’s Lumen and Bitcoin Cash ABC saw more modest losses of 0.95% and 0.97% respectively.
For the week, it was also mixed.
Bitcoin Cash SV and Binance Coin joined Bitcoin in the red, with losses of 2.99% and 1.18% respectively.
It was a positive start to October for the rest of the pack, however, with Ripple’s 6.28% gain leading the way. EOS wasn’t far behind, rising by 4.40%.
Litecoin (+1.08%), Bitcoin Cash ABC (+0.98%), Ethereum (+0.47%) and Stellar’s Lumen (+0.43%) saw modest gains.
Through the week, the total crypto market cap recovered from a Monday low $208.5 to a Tuesday high $225.55bn before easing back. At the time of writing, the total market cap stood at $213.23bn.
Bitcoin’s dominance fell back to sub-67% levels following its relatively heavy loss for the week.
At the time of writing, Bitcoin was down by 0.66% to $7,831.3. A bearish start to the day saw Bitcoin slide from an early morning high $7,892.4 to a low $7,793.2.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Bitcoin Cash SV bucked the trend in the early hours, rising by 0.52%.
It was red for the rest of the pack, however, with Litecoin (-0.72%) and Binance Coin (-0.6%) leading the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move back through to $7,960 levels to support a return to $8,000 levels.
Support from the broader market would be needed, however, for Bitcoin to take a run at the first major resistance level at $8,108.57.
Barring a broad-based crypto rebound, we would expect Bitcoin to face strong resistance at $8,000.
Failure to move through to $7,960 levels would see Bitcoin struggle on the day. A fall back through to sub-$7,800 levels would bring the first major support level at $7,732.07 into play.
Barring an extended sell-off through the day, Bitcoin should steer clear of sub-$7,700 support levels.
This article was originally posted on FX Empire
More From FXEMPIRE:
- Price of Gold Fundamental Weekly Forecast – Less-Dovish Fed, Solid CPI Could Weigh on Prices
- ERY Rallies Over 35% After Our Call to “Start Looking For The Next Move”.
- NZD/USD Forex Technical Analysis – Taking Out .6349 Changes Main Trend to Up
- USD/JPY Fundamental Weekly Forecast – Fed Chair Powell, Fed Minutes Will Be Eyed Closely
- Natural Gas Price Fundamental Weekly Forecast – Light Shoulder-Season Demand Expected
- The True Causes Behind the Yield Curve Inversion and Gold