Abstract：After a bearish week, it’s a mixed start to the week for Bitcoin and the majors. A Bitcoin move through to $32,500 levels would support the broader market.
After a bearish week, its a mixed start to the week for Bitcoin and the majors. A Bitcoin move through to $32,500 levels would support the broader market.
Bitcoin, BTC to USD, rose by 0.83% on Sunday. Following a 0.42% gain on Saturday, Bitcoin ended the week down by 7.09% to $31,820.
A bullish start to the day saw Bitcoin rally to an early morning intraday high $32,453 before hitting reverse.
Bitcoin broke through the first major resistance level at $31,970 and the second major resistance level at $32,380.
The reversal, however, saw Bitcoin slide to an early afternoon intraday low $31,111.
Bitcoin fell through the first major support level at $31,180 before briefly revisiting $31,900 levels.
Coming up against resistance at $32,000, Bitcoin eased back to end the day at $31,800 levels.
The near-term bullish trend remained intact, in spite of the latest return to $31,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall back through the $31,794 pivot to bring the first major resistance level at $32,478 into play.
Support from the broader market would be needed for Bitcoin to break back through to $32,400 levels.
Barring a broad-based crypto rally, the first major resistance level and Sundays high $32,453 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $33,500 before any pullback. The second major resistance level sits at $33,137.
A fall back through the $31,795 pivot would bring the first major support level at $31,136 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$30,000 levels. The second major support level at $30,453 should limit the downside.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Sunday.
Crypto.com Coin fell by 1.50% to lead the way down.
Litecoin (-0.76%) and Ethereum (-0.44%) also bucked the trend on the day.
It was a bullish day for the rest of the majors, however.
Bitcoin Cash SV rallied by 5.82% to lead the way, with Polkadot rising by 2.12%.
Binance Coin (+0.53%), Cardano‘s ADA (+0.76%), Chainlink (+0.97%), and Ripple’s XRP (+0.73%) also found support.
It was a bearish week for the majors, however.
Chainlink (-15.58%) led the way down, with Cardanos ADA (-12.39%), Polkadot (-11.96%), Crypto.com Coin (-11.94%), Ethereum (-11.67%), and Litecoin (-11.27%) also seeing heavy losses.
Binance Coin (-6.14%), Bitcoin Cash SV (-4.39%), and Ripples XRP (-7.49%) saw relatively modest losses, however.
Stay tuned for more updates!
