Bitcoin, BTC to USD, fell 1.95% on Thursday. Bitcoin partially reversed a 2.42% gain from Wednesday, ending the day at $ 38,537.0.
A mixed start to the day resulted in Bitcoin dropping to an early morning intraday low of $ 37,221.0 before making a move.
Bitcoin fell through the first major support level at $ 37,807 before climbing to an early afternoon intraday high of $ 40,500.0.
However, Bitcoin missed the first major resistance level of $ 40,840 and fell back to below $ 39,000 and into the red.
The short-term uptrend has remained intact despite the recent drop below $ 30,000. For the bears, Bitcoin would need a sustained drop through the 62% FIB of $ 27,237 to form a short-term downtrend.
The rest of the package
In all other majors it was a mixed day on Thursday.
Crypto.com coin bucked the trend, rising 4.21%.
For the other majors, however, it was a bearish day.
Cardanos ADA (-7.02%) and Chainlink (-6.86%) led the way down.
Ethereum (-4.98%) and Ripple’s XRP (-5.79%) also had problems.
However, Binance Coin (-2.56%), Bitcoin Cash SV (-1.78%), Litecoin (-2.43%) and Polkadot (-0.39%) saw relatively modest losses that day.
For the current week, the overall crypto market fell to a Monday low of $ 1,369 billion before rising to a Wednesday high of $ 1,786 billion. At the time of writing, its total market cap was $ 1,681 billion.
Bitcoin’s dominance rose to a Monday high of 47.06% before falling to a Thursday low of 42.68%. At the time of writing, Bitcoin was dominant at 43.23%.
At the time of writing, Bitcoin was up 0.83% to $ 38,855.9. A mixed start to the day resulted in Bitcoin falling to an early morning low of $ 38,100.0 before rising to a high of $ 38,889.0.
Bitcoin left key support and resistance levels untested early on.
It was a mixed start to the day elsewhere as well.
Bitcoin Cash SV and Crypto.com Coin fell 0.03% and 2.99% respectively to counter the early trend.
It was a bullish start for the rest of the majors, however.
The story goes on
At the time of writing, Litecoin was up 1.70% to lead the way.
For the coming Bitcoin day
Bitcoin would have to avoid relapsing through the pivot level at $ 38,753 to bring into play the first major resistance level at $ 40,284.
In order for Bitcoin to break back to a level of $ 40,000, support from the broader market would be required.
A broad crypto rally aside, the first major resistance level and Thursday’s high at $ 40,500 would likely limit any uptrend.
In the event of an extended crypto rally, Bitcoin could test resistance at a level of $ 43,000. The second major resistance level is at $ 42,032. However, Bitcoin would take a lot of support to break out of the 38.2% FIB of $ 41,592.
Failure to avoid a relapse from the pivot at $ 38,753 would come into play at the first major support level at $ 37,005.
Aside from another lengthy sell-off that day, Bitcoin should stay away from under $ 36,000. The second major level of support is at $ 35,474.
This article was originally published on FX Empire