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Bitcoin, from BTC to USD, was down 1.54% on Saturday. Reversing a 0.08% gain from Friday, Bitcoin ended the day at $ 16,057.0.
It was a bearish day. Bitcoin slipped from a morning intraday high $ 16,315.0 to an afternoon intraday low $ 15,715.0.
The extended sell-off saw Bitcoin slide through the first major support level at $ 15,743 and the second major support level at $ 15,429.
Finding Support at the End of the Day Bitcoin broke through support levels to end the day at $ 16,000 levels.
The short-term bullish trend remained intact, supported by the latest move up to the $ 16,000 levels. For bears, Bitcoin is expected to slide through the 62% FIB of $ 8,768 to form a short-term bearish trend.
The rest of the pack
For the rest of the majors, Saturday was a mixed day.
Ripple’s XRP rose 0.98% to reverse the trend over the course of the day.
It was a bearish day for the rest of the majors, however, who joined Bitcoin in the red.
Crypto.com Coin (-3.16%) Litecoin (-3.27%) and Ethereum (-3.35%) led the way down.
Bitcoin Cash ABC (-1.70%), Bitcoin Cash SV (-2.17%), Cardano’s ADA (-2.28%) and Chainlink (-2.29%) also struggled.
Binance Coin (-0.93%) and Polkadot (-0.17%) recorded relatively modest losses.
For the current week, the total market cap of cryptocurrencies has fallen to a low of $ 421.37 billion on Monday before hitting a high of $ 471.06 billion on Friday. At the time of writing, the total market capitalization was $ 455.81 billion.
Bitcoin’s dominance dropped to a low of 64.22% on Tuesday before climbing to a high of 65.99% on Friday. At the time of writing, Bitcoin’s dominance was 65.10%.
This morning
At the time of writing, Bitcoin was down 0.55% to $ 15,969.0. A mixed start to the day saw Bitcoin rise to a morning high of $ 16,099.6 before falling to a low of $ 15,925.0.
Bitcoin left the major support and resistance levels untested in the beginning.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV (-0.22%), Cardano’s ADA (-0.26%), Chainlink (-0.47%), Crypto.com Coin (-0.89%), Ethereum (-0.06% ) and Litecoin (-0.52%) joined Bitcoin in the red.
However, it was a bullish start for the rest of the majors.
At the time of writing, Ripple’s XRP is up 3.07% to lead the way.
For Bitcoin Day Ahead
Bitcoin should move back through the pivot level at $ 16,029 to bring the first major resistance level at $ 16,343 into play.
Support from the broader market would be needed for Bitcoin to break out of Saturday’s high of $ 16,315.0.
Barring an extended cryptocurrency rally, the first major resistance level would likely limit any upside.
In the event of a crypto breakout, Bitcoin could test resistance at $ 16,500 before any pullback. The second major resistance level is found at $ 16.629.
Failure to return to the pivot of $ 16,029 would bring the first major support level at $ 15,743 into play.
Barring another extended cryptocurrency sell-off, Bitcoin should avoid levels below $ 15,500. The second major support level is found at $ 15,429.
