Bitcoin tumbled by 38.89% on Thursday. Following a 0.65% on Wednesday, Bitcoin ended the day at $4,873.1.
Bearish throughout the day, Bitcoin tumbled from an early morning intraday high $8,001.7 to a final hour intraday low and new swing lo $4,607.7.
The reversal saw Bitcoin slide through the day’s major support levels to visit sub-$5,000 for the 1st time since April of last year.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin sitting at $5,000 levels.
For the bulls, Bitcoin would need to break out from $11,000 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 particularly bearish day.
Tezos led the way down, with a loss of 46.97%. Binance Coin (-44.01%), Bitcoin Cash ABC (-45.50%), Bitcoin Cash SV (-45.77%), Cardano’s ADA (-41.09%), EOS (-42.21%), Ethereum (-43.33%), Monero’s XMR (-40.52%), and Tron’s TRX (-42.80%) were close behind.
Litecoin (-38.01%), Ripple’s XRP (-34.42%), and Stellar’s Lumen (-34.78%) saw relatively lighter 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. At the time of writing, the total market cap stood at $142.90bn.
Bitcoin’s dominance returned to 64% levels after having fallen to sub-63.2% levels last week. At the time of writing, Bitcoin’s dominance stood at 64.4%.
Trading volumes hit $241bn levels early on Friday after having fallen back to $121bn levels earlier in the week. At the time of writing, 24-hr volumes stood at $234.32bn.
From the News Wires
The latest reversal across the crypto market should end the debate of whether the likes of Bitcoin are safe havens.
A meltdown in the global equity markets to the magnitude not seen since 1987 contributed to the slide. Margin calls and the need for cash would have led to the outflows seen on Thursday in particular.
While some may argue that holding cryptocurrencies amidst the spread of the coronavirus would be sound, the reality remains that cash is king in such economic environments. Near-term, there may well be a closer correlation to the global equity markets than many crypto investors would like.
At the time of writing, Bitcoin was up by 1.82% to $4,961.9. A bearish start to the day saw Bitcoin tumbled to an early morning low and new swing low $4,000 before striking a high $5,649.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day. Bitcoin Cash ABC led the way with a 10.34% gain. Tezos (+4.22%), Monero’s XMR (+3.28%), Tron’s TRX (+2.98%) and Ethereum (+2.97%) were also on the move.
Binance Coin led the way down, however, down by 10.15% at the time of writing.
Cardano’s ADA (-3.51%), EOS (-5.38%), Litecoin (-1.69%), and Stellar’s Lumen (-1.63%) were also in the red.
For the Bitcoin Day Ahead
Bitcoin would need to move through to $5,827 levels to bring the first major resistance level at $7,047.3 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $5,649.0
Barring a broad-based crypto rebound, resistance at $5,600 levels would likely cap any upside.
Failure to move through $5,827 levels could see Bitcoin struggle throughout the day.
A fall back through to sub-$4,600 levels would bring the first major support level at $3,653.3 into play.
Barring another crypto meltdown, however, Bitcoin should steer clear of sub-$3,000 support levels.
This article was originally posted on FX Empire