Bitcoin’s on the Back Foot as the Bears Target sub-$10,000

Bitcoin drags the pack into the red and things could get from bad to worse if Bitcoin falls to sub-$10,100 levels…
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin fell by 2.29% on Monday. Following on from a 1.59% decline on Sunday, Bitcoin ended the day at $10,328.

A particularly choppy morning saw Bitcoin fall from $10,670 levels to a morning low $10,400 before finding support.

Steering clear of the major support levels, Bitcoin struck a late morning intraday high $10,690 before hitting reverse.

A bearish second half of a day saw Bitcoin slide to an early evening intraday low $10,299. The reversal saw Bitcoin fall through the first major support level at $10,308.93.

Finding support from the broader market, Bitcoin recovered to $10,300 levels to limit the downside on the day.

In spite of the sell-off that kicked in on 10th July, the extended bullish trend remained intact. Bitcoin will need to steer clear of the 38.2% FIB of $9,734, however, to avoid a resumption of the extended bearish trend.

Elsewhere

Across the top 10 cryptos, Binance Coin bucked the trend on Monday, with a gain of 1.12%. For the rest of the pack, it was a day in the red.

Tron’s TRX led the way down, sliding by 8.94%. Bitcoin Cash SV (-4.85%), EOS (-4.7%), Litecoin (-4.66%) and Ethereum (-3.8%) also saw heavy losses on the day.

Bitcoin’s dominance continued to hover at 65% levels in spite of Bitcoin’s loss on the day. The broad-based crypto sell-off left the total market cap down at $280.27bn at the time of writing.

Trading volumes stood at $53.29bn at the time of writing, easing back from $77bn levels hit during the Monday session.

This Morning

At the time of writing, Bitcoin was down by 1.55% to $10,168. A bearish start to the day saw Bitcoin fall from a morning high $10,330.9 to a low $10,151.0.

Falling short of the major resistance levels, Bitcoin fell through the first major support level at $10,188.0.

Elsewhere, Bitcoin Cash SV bucked the trend early on in the day, rising by 2.82%. It was red for the rest of the pack. Following solid gains from Monday, Tron’s TRX led the way down, falling by 4.36% at the time of writing.

Litecoin (-2.37%), EOS (-1.65%) and Binance Coin (-1.52%) were also under pressure through the morning.

Bitcoin Cash ABC (-0.95%), Ripple’s XRP (-1.05%), and Ethereum (-1.26%) saw more modest losses early on.

For the day ahead

Bitcoin would need to move back through the first major support level at $10,188 to $10,440 levels to support an afternoon rally.

Support from the broader market would be needed, however, for Bitcoin to break out from Monday’s high $10,328.

Barring a broad-based crypto rebound later in the day, Bitcoin would likely come up short of the first major resistance level at $10,579.

Failure to move through to $10,440 levels would see Bitcoin struggle on the day. A fall through the morning low $10,151 would bring the second major support level at $10,048 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of sub-$10,000 support levels on the day.

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