Bitcoin tumbled down by 1.03% to $18,072.0 on Friday. After a mixed start of the day, the crypto surged forward to an early morning high $18,299.0 before dropping to a low $18,070.0. Bitcoin also hasn’t tested the major support and resistance levels thus far.
The crypto also plummeted down by 1.61% on Thursday. After losing a 1.25% gain from Wednesday, it ended the day at $18,260.0. Bitcoin fluctuated during the session, though, rallying to an early morning intraday high $18,568.0 before reversing course.
The crypto also fell short of the first major resistance level at $18,878 and tumbled down to a mid-afternoon intraday low $17,935.0.
After the reversal, Bitcoin plunged through the first major support level at $17,990, but then it briefly revisited to $18,300 levels later in the day.
So far, the near-term bullish trend remains intact, despite the latest pullback to sub-$18,000 levels.
The crypto would need to drop through the 62% FIB of $10,095 to form a near-term bearish trend.
Furthermore, Bitcoin’s dominance soared to a Wednesday high 64.26% before dropping to a Wednesday low 63.03%. On Friday, Bitcoin’s dominance sat at 63.80%.
To bring the first major resistance level at $18,574 into play, the crypto would need to surpass the pivot level at $18,254. Furthermore, Bitcoin would need support from the broader market to break back through to $18,500 levels.
If a crypto breakout occurs, the second major resistance level at $18,887, as well as resistance at $19,000 would likely come into play.
On the other hand, if Bitcoin fails to move back through the $18,254 pivot, it would bring the first major support level at $17,941 into play.
How did the other major cryptos fare?
The Crypto market traded mostly in the red on Friday. Ripple’s XRP plummeted down by 2.69%, leading the way down. However, it was a mixed day for the major digital coins on Thursday.
Polkadot avoided the bearish territory, gaining a paltry 0.1%. However, other major cryptos traded in the red during the session.
Chainlink plunged by 5.72%, leading the way down. Cardano’s ADA lost 4.24%, and Litecoin tumbled down by 3.50%, also struggling.
Meanwhile, Binance Coin declined by 1.69%, and Bitcoin Cash SV plummeted down by 1.46%. Furthermore, Crypto.com Coin decreased by 1.66%, with Ethereum losing 2.61%, and Ripple’s XRP shaving off 1.92%. All of them suffered relatively modest losses on the day.
On Friday, the crypto total market cap set at $525.77bn. During the current week, the total market cap surged forward to a Monday high $569.88bn before tumbling to a Wednesday low $509.70bn.
- Trading Instrument