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Bitcoin gained just 0.06% on Saturday, following on from a 0.65% fall on Friday, to end the day at $3,631.2.
Support from the broader market kicked in through the early part of the day, with Bitcoin rallying from a morning low $3,625.4 to a mid-morning intraday high $3,750.0 before hitting reverse.
Sliding back through the late morning and afternoon, Bitcoin fall to an intraday low $6,322.9 before finding support to wrap up the day within some relatively tight ranges.
The morning rally saw Bitcoin break through the first major resistance level at $3,668.27 and second major resistance level at $3,707.63, Bitcoin striking $3,700 levels for the first time since last Sunday.
With the day’s hold onto positive territory keeping the gain for the week at 0.98%, Bitcoin will need to avoid a broad based crypto sell-off to wrap up the week in positive territory and deliver a weekly gain in spite of Monday’s losses.
Elsewhere, it was another bearish day for most of top 10, with Tron’s TRX and Ethereum being the only two other majors to close out the day in positive territory alongside Bitcoin. While Ethereum gained just 0.05%, Tron’s rally continued with a 7.2% gain.
EOS, Stellar’s Lumen and Bitcoin Cash SV saw the heaviest losses through the day, Bitcoin Cash SV down 1.59%, with EOS and Stellar’s Lumen down by 1.22% and by 1.03% respectively.
On the news front, there were no major news events through the day to provide direction, with investor sentiment towards the broader market leading to the late morning reversal to leave most of the majors in the red.
The sharp sell-off suggests that there’s no near-term rebound in sight, with the total crypto market cap continuing to sit at just shy of $120bn.
From the trading side, the good news will be the pickup in volatility, but with rallies proving to be short lived, investors can quite easily be caught on the wrong side should the downside risks not be managed.
For the bulls, the good news on the day was Bitcoin’s avoidance of sub-$3,600 levels, with Bitcoin having fallen to sub-$3,600 levels on the previous 6-days, which could draw in side lined investors later in the day to wrap up the week on a high note.
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At the time of writing, Bitcoin was up by 0.2% to $3,638.6, with Bitcoin managing to recover from a start of a day drop to a morning low $3,594.9 to strike a morning high $3,644.3 before easing back.
While the day’s major support and resistance levels were left untested, sub-$3,600 support came to the rescue of Bitcoin early, having been avoided on Saturday, which could be a test for investors later in the day.