Bitcoin, the world’s most famous cryptocurrency, fell 0.53% on Sunday, and has thus reversed a 0.45% gain from Saturday. At the end of today’s trading session, Bitcoin was trading at $4,041.
This reversal caused Bitcoin to be 0.68% down for the week, the first weekly loss since the beginning of February. The slow start of the day saw a drop in the cryptocurrency from the highest level during the day at $4,063 to $4035.1. Later in the morning, the digital currency went back to $4,050 before falling to a day low of $4,011.
The reversal also had Bitcoin drop from the first major support level at $4,033 to within the second support at $4,002.
Altcoins
The situation was not good for digital currencies on most exchanges, except for Binance and Bitcoin Cash ABC, which managed to reverse the trend. Binance rose 12.9% on Sunday to end the week with a gain of 8.78%. Bitcoin Cash ABC rose 7.2% this week despite falling 0.78% on Sunday.
Stellar’s Lumen saw the biggest loss of the week, with the cryptocurrency dropping 4.6%.
Tron’s TRX also fell on the weekend after being close to a bullish move during the week. Tron fell 4.25% on Sunday to finish the week with a small gain of 0.17%.
As the month draws to a close, Binance is still the top leader when it comes to Bitcoin, up 65.2%. Other similar success stories were Litecoin, up 30.9% in the current month in the Bitcoin Cash ABC, recording a gain of 26.6%.
While intraday fluctuations show a slow difference across exchanges, moves on a monthly basis show a slight variability in the digital currency markets. The Binance crypto exchange continues to find support after the start of Launchpad, but the gains come at the expense of Ethereum, as the cryptocurrency rose only 0.66% this month. The fact that there isn’t much going around the ICO market continues to hinder any significant rebound of cryptos. The environment is most probably going to undergo changes throughout the summer, although most of this depends on G20 rules and regulations.
At the time of writing this article, Bitcoin’s price was up 0.15% to $4047.6. The bearish start of the day saw the cryptocurrency drop to an early morning low of $4,033. Away from the first key support level at $4,013, Bitcoin recovered to a morning high of $4,049 before retreating. The main resistance levels for the day remained untested early on.
Getting more towards the $4,050 support range at would mean testing the main resistance level for Bitcoin to be able to break $4,100, which would also require broader support from the markets. However, failing to move to the 4,050 area may lead to a drop later in the day.
Be the first to comment