Bitcoin, BTC to USD, fell by 0.71% on Thursday. Following a 4.48% slide on Wednesday, Bitcoin ended the day at $38,073.0.
A bullish start to the day saw Bitcoin rise to a late morning intraday high $39,519.0 before hitting reverse.
Falling short of the first major resistance level at $39,830, Bitcoin slid to a late intraday low $37,387.0.
Bitcoin fell through the first major support level at $37,491 before a late move back through to $38,000 levels.
The near-term bullish trend remained intact in spite of the latest slide back to sub-$38,000 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 mixed day on Thursday.
Polkadot fell by 1.45% to lead the way down.
It was a bullish day for the rest of the majors, however.
In the current week, the crypto total market rose to a Tuesday high $1,708bn before falling to a Thursday low $1,522bn. At the time of writing, the total market cap stood at $1,568bn.
Bitcoin’s dominance fell to a Monday low 45.34% before rising to a Wednesday high 46.26%. At the time of writing, Bitcoin’s dominance stood at 45.62%.
At the time of writing, Bitcoin was up by 0.16% to $38,135.0. A mixed start to the day saw Bitcoin fall to an early morning low $37,902.0 before rising to a high $38,136.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Chainlink (-0.10%), Crypto.com Coin (-1.04%), Litecoin (-0.16%), and Polkadot (-0.16%) saw red early on.
It was a relatively bullish start to the day for the rest of the pack, however.
At the time of writing, Binance Coin was up by 0.31% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $38,326 pivot to bring the first major resistance level at $39,266 into play.
Support from the broader market would be needed for Bitcoin to break back through to $39,000 levels.
Barring a broad-based crypto rally, the first major resistance level and Thursday’s high $39,519.0 would likely cap any upside.
In the event of another extended crypto rally, Bitcoin could test resistance at the 38.2% FIB of $41,592 before any pullback. The second major resistance level sits at $40,458.
Failure to move through the $38,326 pivot would bring the first major support level at $37,134 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$36,000 levels. The second major support level at $36,194 should limit the downside.