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Bitcoin, BTC to USD, slipped 4.75% on Saturday. Reversing a gain of 1.79% from Friday, Bitcoin ended the day at $ 35,564.0.
A mixed start to the day saw Bitcoin hit an early morning intraday high of $ 37,461.3 before reversing.
Well below the first major resistance level at $ 38,016, Bitcoin slipped to an intraday low of $ 34,630.0 late in the morning.
The extended sell-off saw Bitcoin move from the first major support level to $ 36,295 and the second major support level to $ 35,251.
However, avoiding levels below $ 35,000, Bitcoin broke through the second major resistance level to revisit the $ 36,000 levels before slacking off.
By the start of the 2nd half of the day, the first major support level had stalled Bitcoin.
The short-term uptrend continued despite the latest drop to levels below $ 35,000. For bears, Bitcoin would need a sustained decline through 62% FIB from $ 27,237 to form a short-term downtrend.
The rest of the pack
In the rest of the majors, Saturday was a mixed day.
Polkadot rose 4.07% to lead the way, with Cardanos ADA (+ 2.89%), Chainlink (+ 0.68%) and Ethereum (+ 0.70%) also finding support.
It was, however, a bearish day for the rest of the majors.
Bitcoin Cash SV slipped 7.67% to lead the way, with Crypto.com Coin down 4.93%.
Binance Coin (-0.57%), Litecoin (-0.63%) and Ripples XRP (-1.81%) posted relatively modest losses.
During the current week, the total crypto market peaked at $ 1.670 billion on Monday before falling to a low on Tuesday of $ 1.374 billion. At the time of writing, the total market cap was $ 1,493 billion.
Bitcoin dominance fell to a Monday low of 41.28% before rising to a Friday high of 45.66%. At the time of writing this article, Bitcoin dominance was 44.51%.
This morning
At the time of writing this article, Bitcoin was down 0.18% to $ 35,501.0. A mixed start to the day saw Bitcoin hit an early morning high of $ 35,652.5 before falling to $ 35,391.0.
Bitcoin left major support and resistance levels untested early on.
The story continues
Elsewhere, it was a mixed start to the day.
Crypto.com Coin resisted the trend early on, rising 0.27%.
It was a bearish start for the rest of the majors, however.
At the time of this writing, Cardanos ADA was down 0.57% to lead the way on the downside.
For Bitcoin Day Ahead
Bitcoin is expected to break through the pivot of $ 35,885 to bring into play the first major resistance level at $ 37,140.
Broad market support would be needed for Bitcoin to return to levels of $ 37,000.
Barring a large scale crypto rally, the first major resistance level and Saturday’s $ 37,461.3 high would likely cap any upside potential.
In the event of another protracted crypto rally, Bitcoin could test resistance at $ 40,000 before any pullbacks. The second major resistance level is located at $ 38,716.
Failure to break through the $ 35,885 pivot would bring into play the first major support level at $ 34,309.
Unless another extended sell off that day, Bitcoin is expected to avoid levels below $ 33,000. The second major support level at $ 33,054 should limit the decline.
This article originally appeared on FX Empire
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