Bitcoin, BTC to USD, slid by 4.54% on Friday. Reversing a 3.01% gain from Thursday, Bitcoin ended the day at $42,856.0.
A mixed start to the day saw Bitcoin rise to a mid-morning intraday high $45,164.5 before hitting reverse.
Falling short of the first major resistance level at $45,555, Bitcoin slid to a late morning intraday low $40,755.0.
Bitcoin fell through the first major support level at $43,658 and the second major support level at $42,431.
More significantly Bitcoin also fell through the 38.2% FIB of $41,592 before briefly revisiting $43,200 levels.
Bitcoin broke back through the 38.2% FIB and the second major support level to end the day at $42,800 levels.
The near-term bullish trend remained intact, in spite of the latest return to sub-$40,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a bearish day on Friday.
Cardano’s ADA (-2.10%) and Polkadot (-3.41%) saw relatively modest losses, however.
In the current week, the crypto total market rose to a Monday high $2,136bn before sliding to a Tuesday low $1,744bn. At the time of writing, the total market cap stood at $1,941bn.
Bitcoin’s dominance rose to a Monday high 42.97% before falling to a Friday low 40.99%. At the time of writing, Bitcoin’s dominance stood at 41.50%.
At the time of writing, Bitcoin was down by 0.05% to $42,834.0. A mixed start to the day saw Bitcoin fall to an early morning low $42,652.0 before rising to a high $42,986.8.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bullish start to the day.
At the time of writing, Polkadot was up by 3.70% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the $42,925 pivot to bring the first major resistance level at $45,095 into play.
Support from the broader market would be needed for Bitcoin to break back through to $45,000 levels.
Barring a broad-based crypto rally, the first major resistance level and Friday’s high $45,164.5 would likely cap the upside.
In the event of a broad-based crypto rally, Bitcoin could test resistance at $48,000 levels before any pullback. The second major resistance level sits at $47,335.
Failure to move back through the $42,925 pivot would bring the 38.2% FIB of $41,592 and the first major support level at $40,686 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $38,516.