Bitcoin tumbled by 8.55% on Sunday. Following on from a 2.66% fall on Saturday, Bitcoin ended the week down 2.01% at $8,722.2<\/p>\n
A particularly bearish start to the day saw Bitcoin tumble from an intraday high $9,559.0 to a first-hour intraday low $8,101.0.<\/p>\n
Bitcoin slid through the days major support levels before partially reversing losses from the first hour.<\/p>\n
A move back through to $8,900 levels saw Bitcoin break back through the third major support level at $8,761.93.<\/p>\n
The partial recovery was short-lived, however. Through the 2nd half of the day, Bitcoin fell back to $8,500 levels before briefly revisiting $8,800 levels.<\/p>\n
A final hour pullback saw Bitcoin slip back through the third major support level.<\/p>\n
The near-term bearish trend, formed at late June 2019s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.<\/p>\n
For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.<\/p>\n
Across the rest of the majors, it was also a bearish end to the week for the pack.<\/p>\n
Bitcoin Cash ABC and Bitcoin Cash SV led the way with losses of 12.08% and 12.65% respectively.<\/p>\n
EOS (-11.00%), Ethereum (-10.63%), Litecoin (-10.22%), Stellars Lumen (-10.00%), and Trons TRX (-10.77%) also saw particularly heavy losses.<\/p>\n
Binance Coin (-8.30%), Cardanos ADA (-7.17%), Moneros XMR (-7.02%), Ripples XRP (-8.68%), and Tezos (-8.95%) saw more modest losses.<\/p>\n
For the week ending 10th May, Sundays reversal left the majors in the red.<\/p>\n
EOS led the way down, with a 13.83% tumble.<\/p>\n
Binance Coin (-10.44%), Bitcoin Cash SV (-11.81%), Ethereum (-10.71%), Litecoin (-12.48%), Ripples XRP (-10.06%), Stellars Lumen (-12.28%), and Trons TRX (-10.50%) werent far behind.<\/p>\n
Bitcoin Cash ABC (-7.01%), Cardanos ADA (-3.05%), Moneros XMR (-5.75%), and Tezos (-6.90%) saw more modest losses in the week.<\/p>\n
Through the week, the crypto total market cap rose from a Monday low $240.56bn to a Friday week high $271.32bn before Sundays meltdown. On Sunday, the total market cap slumped to a week low $230.79bn before support kicked in. At the time of writing, the total market cap stood at $241.12bn.<\/p>\n
Bitcoins dominance rose from 65% levels to hit 68% levels on Friday before sliding back. At the time of writing, Bitcoins dominance stood at 67.0%.<\/p>\n
24-hour trading volumes fell to a Tuesday current week low $145.07bn before jumping to a Sunday high $209.17bn. At the time of writing, 24-hr volumes stood at $192.66bn.<\/p>\n
At the time of writing, Bitcoin was up by 0.38% to $8,755.1. A bullish start to the day saw Bitcoin rise from an early morning low $8,721.2 to a high $8,800.<\/p>\n
Bitcoin left the major support and resistance levels untested early on.<\/p>\n
Elsewhere, it was also a bullish start to the day. Bitcoin Cash ABC and Moneros XMR were up by 1.86% and by 1.91% respectively to lead the way.<\/p>\n
Bitcoin would need to break back through to $8,800 levels to bring the first major resistance level at $9,487.13 into play.<\/p>\n
Support from the broader market would be needed, however, for Bitcoin to break back through to $9,000 levels.<\/p>\n
Barring a broad-based crypto rally, resistance at $9,000 would likely pin Bitcoin back on the day.<\/p>\n
In the event of rebound, the first major resistance level would likely limit any upside on the day.<\/p>\n
Story continues<\/p>\n
Failure to break back through to $8,800 levels could see Bitcoin fall back into the deep red.<\/p>\n
A fall through back through the morning low $8,721.2 would bring the first major support level at $8,029.13 into play.<\/p>\n
In the event of another extended sell-off, the 38.2% FIB of $7,730 could come into play<\/p>\n
Bitcoins halving event, expected within the next 24-hours, contributed to the recent volatility. Profit taking ahead of the event led to Sundays reversal. It remains to be seen if Bitcoin can avoid a retracement to the March swing lo $4,000. Late support on Sunday and early this morning suggests so, but avoiding sub-$8,000 levels will be key.<\/p>\n
This article was originally posted on FX Empire<\/p>\n
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The Crypto Daily Movers and Shakers -11\/05\/20 - Yahoo Finance<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin tumbled by 8.55% on Sunday. Continue reading