Bitcoin, BTC to USD, slid by 8.77% on Friday. Reversing a 3.25% gain from Thursday, Bitcoin ended the day at $53,839.
A mixed morning saw Bitcoin rise to an early morning intraday high $59,238 before hitting reverse.
Falling short of the first major resistance level at $59,937, Bitcoin slid to a mid-day intraday low $53,555.
The extended sell-off saw Bitcoin fall through the day’s major support levels and through the 23.6% FIB of $53,628.
Finding early afternoon support, however, Bitcoin revisited $54,800 levels before ending the day at $53,800 levels.
The partial recovery saw Bitcoin break back through the 23.6% FIB of $53,628 and the third major support level at $53,780.
The near-term bullish trend remained intact, in spite of the latest pullback to sub-$54,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a bearish day on Friday.
Litecoin led the way down, sliding by 12.26%.
Binance Coin (-8.00%), Bitcoin Cash SV (-9.00%), Cardano’s ADA (-8.41%), Chainlink (-9.20%), Crypto.com Coin (-10.63%), Ethereum (-10.68%), and Ripple’s XRP (-10.18%) also saw deep red.
Polkadot (-3.93%) saw relatively modest losses, however.
In the current week, the crypto total market rose to a Thursday high $2,685bn before sliding to a Friday low $2,334bn. At the time of writing, the total market cap stood at $2,420bn.
Bitcoin’s dominance fell to a Thursday low 41.75% before rising to a Friday high 43.32%. At the time of writing, Bitcoin’s dominance stood at 42.30%.
At the time of writing, Bitcoin was up by 0.73% to $54,231. A mixed start to the day saw Bitcoin fall to an early morning low $53,711 before rising to a high $54,479
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV (-0.73%) and Crypto.com Coin (-1.81%) bucked the early trend.
It was a bullish start for the rest of the majors, however.
At the time of writing, Litecoin was up by 1.62% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $55,544 pivot to bring the first major resistance level at $57,533 into play.
Support from the broader market would be needed for Bitcoin to break out from $55,000 levels.
Barring an extended crypto rally, the first major resistance level would likely cap the upside.
In the event of an extended rally, Bitcoin could test resistance at $60,000 levels before easing back. The second major resistance level sits at $61,227.
Failure to move through the $55,544 pivot would bring the 23.6% FIB of $53,628 and the first major support level at $51,850 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$50,000 levels. The second major support level sits at $49,861.
This article was originally posted on FX Empire
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