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Another Choppy Crypto Market Week Sees the Bears Fight Back

Bitcoin fell by 1.36% on Saturday. Reversing a 0.44% gain from Friday, Bitcoin ended the day at $10,228.

A relatively choppy start to the day saw Bitcoin recover from an early morning low $10,237 to strike a late morning intraday high $10,494.7.

In spite of the morning breakout, Bitcoin came up short of the first major resistance level at $10,699 before hitting reverse.

The reversal saw Bitcoin slide to a late afternoon intraday low $10,004 before finding support.

Bitcoin steered clear of the first major support level at $9,908 before wrapping up the day at $10,200 levels.

For the bulls, avoiding a return to sub-$10,000 levels for the first time since Tuesday was key.

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The bullish start to the current month came to an abrupt end in the last week, however, as the majors slid deep into the red.

For the current week, 4 days in the red, which included a 7.7% tumble on Wednesday, left Bitcoin down by 11.64%, Monday through Saturday.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed bag on Saturday.

Litecoin led the way down, sliding by 2.74%. Bitcoin Cash SV (-1.35), Bitcoin Cash ABC (-1.33%) and Stellar’s Lumen (-1.02%) also saw heavy losses.

Bucking the trend on the day were Ripple’s XRP, Ethereum and Tron’s TRX. Ripple’s XRP gained 1.71% on the day, while Ethereum and Tron’s TRX rose by 0.18% and 0.38% respectively.

For the current week, however, there was nothing mixed about it, with all of the majors deep red.

Litecoin led the way down, sliding by 19.13%, Monday through Saturday. Tron’s TRX (-17.85%), EOS (-15.42%), Stellar’s Lumen (-13.02%), Ripple’s XRP (-12.44%) and Monero’s XRM (-10.71%) also saw double digit losses.

Bitcoin Cash SV (-8.19%), Bitcoin Cash ABC (-9.29%) and Binance Coin (-9.16%) saw more modest losses going into Sunday.

The total crypto market cap tumbled from a Monday high $299.68bn to a current week low $253.51bn on Thursday. At the time of writing, the total crypto market cap stood at $265.31bn.

This Morning

At the time of writing, Bitcoin was down by 0.34% to $10,193. A mixed start to the day saw Bitcoin fall from a morning high $10,280 to a low $10,184.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, Stellar’s Lumen and Bitcoin Cash ABC bucked the trend early on, with gains of 0.53% and 0.56% respectively.

With the rest of the pack joining Bitcoin in the red, Bitcoin Cash SV led the way down with a 1.32% slide.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $10,250 levels to support another run at the first major resistance level at $10,480.47.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $10,280.

Barring a broad-based crypto rebound, Saturday’s high $10,494.7 and the first major resistance level at $10,480.47 would likely limit any upside.

In the event of a broad-based crypto rally, $10,600 levels would likely come into play before any pullback.

Failure to move back through to $10,250 levels could see Bitcoin slide deeper into the red. A fall through the morning low $10,164 would bring the first major support level at $9,989.77 into play.

Barring an extended sell-off through the day, Bitcoin would likely steer clear of the 38.2% FIB of $9,734 and second major support level at $9,751.53.

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This article was originally posted on FX Empire

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