It was a mixed start to the day. Bitcoin rose to an early morning intraday high $18,568.0 before hitting reverse.
Falling short of the first major resistance level at $18,878, Bitcoin fell to a mid-afternoon intraday low $17,935.0.
The reversal saw Bitcoin fall through the first major support level at $17,990 before a brief revisit to $18,300 levels late in the day.
The near-term bullish trend remained intact, in spite of the latest pullback to sub-$18,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $10,095 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Thursday.
Polkadot bucked the trend on the day, with a 0.1% gain.
It was a bearish day for the rest of the majors, however.
In the current week, the crypto total market cap rose to a Monday high $569.88bn before falling to a Wednesday low $509.70bn. At the time of writing, the total market cap stood at $525.77bn.
Bitcoin’s dominance rose to a Wednesday high 64.26% before falling to a Wednesday low 63.03%. At the time of writing, Bitcoin’s dominance stood at 63.80%.Advertisement
At the time of writing, Bitcoin was down by 1.03% to $18,072.0. A mixed start to the day saw Bitcoin rise to an early morning high $18,299.0 before falling to a low $18,070.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bearish start to the day for the majors.
At the time of writing, Ripple’s XRP was down by 2.69% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the pivot level at $18,254 to bring the first major resistance level at $18,574 into play.
Support from the broader market would be needed for Bitcoin to break back through to $18,500 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a crypto breakout, the second major resistance level at $18,887 and resistance at $19,000 would likely come into play.
Failure to move back through the $18,254 pivot would bring the first major support level at $17,941 into play.
Barring another extended crypto sell-off, Bitcoin should steer clear of the second major support level at $17,621.