Bitcoin fell 1.09% on Saturday, reversing the 0.81% rise from Friday, to close the day at $ 3.911.9.
A bullish start to the day saw Bitcoin break through to $ 4,000 levels to hit a mid-morning intraday high of $ 4.014.9 before hitting the reversal, the first major resistance level of the day at $ 4.010.57 blocking Bitcoin from the biggest gains of the day.
The morning rally failed to attract side investors who eventually led to the reversal, with the Bitcoin apparently stuck in another rut, investors who did not need to remember too much the outcome of the October break that in the end it led to lose half its value prospects of a slip to levels below $ 3000 before a bearish trend reversal.
As we saw in previous articles, a number of market forces continue to support the extended downward trend at the beginning of May to $ 9999, including a DoJ investigation into the crypto-rally 2017, with some mention of price manipulation that could give the SEC another reason to postpone its decisions on the revision of the Bitcoin ETF until the summer.
The only real good news for now is that Bitcoin has managed to stabilize itself after a particularly bearish 2018, although the bulls can take control and bring back Bitcoin to $ 10,000 levels will be largely in the hands of governments and regulators that Satoshi Nakamoto looked to investors free from.
While the downward trend remains intact in the broader market, the Bitcoin domain returns to 51.1%, a number of crypto majors have managed to reverse the trend in recent weeks, with Ethereum in particular substantial gains, up 91 , 3% compared to mid-December low swing $ 80.6.
The rebound saw Ethereum regain the number 2 ranking by market capitalization, with the hope of a rebound in the ICO market, after 2ND half of the year is interrupted in 2018, providing the necessary support.
Entering the field behind Ethereum, but also noteworthy, was the recovery of Litecoin from its mid-December swing to $ 22.18, with Saturday's rally giving Litecoin a 55.5% gain from mid-December , impressive compared to the 2.7% gain of Bitcoin over the same period.
A roll out of the exchanges of Ethereum and Litecoin for the exchange of OKEx encrypted and the increasing adoption of both cryptos continued to drive demand, with moves in the last few weeks offering a certain degree of differentiation of currencies, which in definitive is fundamental for the evolution of the market.
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At the time of publication, Bitcoin rose only 0.15% to $ 3.917.9, with a relatively limited start to the day, with a maximum of $ 3.938.4 and a minimum of $ 3,890.5, leaving the main levels of support and resistance not tested at the beginning.
For the bulls, a rise of the morning maximum of $ 3,938.4 would bring the first major resistance level into play at $ 3,984.2 and $ 4,000 in play before any pullback, with $ 4,014.9 high and the second resistance level at $ 4,056.5. attempted breakout at $ 4,100 levels.
Failing to go back early in the early afternoon, it was possible to see the return of Bitcoin in red, with a decline during the morning of $ 3,890.5 bringing the first level of main support to $ 3,870.3 in play. For the bears, $ 3,700 would be the short-term goal.