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There was more shaking than moving across the cryptomarket going into the weekend.
For Bitcoin, following 8 days in the green out of the last 10, investors looked to lock in some sizeable gains.
Bitcoin fell by 3.35% on Thursday. Reversing a 2.32% gain from Wednesday, Bitcoin ended the day at $7,859.7.
A bullish start to the day saw Bitcoin rise to an intraday high and new swing hi $8,352.3 before hitting reverse.
Breaking through the first major resistance level at $8,286.23, Bitcoin slid to a late intraday low $7,700.1 before finding support.
The reversal saw Bitcoin slide through the first major support level at $7,909.73 and end the day back at sub-$8,000 levels.
The Rest of the Pack,
Across the rest of the top 10 cryptos, it was a mixed bag on Thursday.
Bucking the trend on the day were Ethereum and EOS, which gained 6.18% and 0.89% respectively.
For the rest of the pack, it was a day in the red with Ripple’s XRP, Litecoin and Cardano’s ADA seeing the heaviest losses on the day. Ripple’s XRP slid by 8.16%, while Litecoin and Cardano’s ADA fell by 6.36% and 6.04% respectively.
The speed of the rally raised questions over its sustainability, momentum rallies having previously led to sharp reversals.
Concentrated sell-orders were attributed to the sudden reversal that continued into this morning.
Momentum trading has been in full effect since Bitcoin woke from its deep sleep back at a current year low $3,405.3 struck in early February.
News of the sizeable sell-orders, reportedly in Asia, likely led to investors globally offloading to lock in gains made over the last few months.
The total market cap fell back to $251.72bn having topped out at $263.9bn earlier in the day on Thursday.
A warning signal on Thursday was a sudden rise and then slide in 24-hour trading volumes. With 24-trading volumes falling from $123.36bn, price support has been on the decline alongside, supporting the moves seen in the early hours of this morning.
This Morning,
At the time of writing, Bitcoin was down by 8.13% to $7,221.0. The early sell-off saw Bitcoin slide from a morning high $7,910 to a low $6,999.9 before steadying.
The reversal saw Bitcoin slide through the first major support level at $7.589.10 and second major support level at $7.318.5.
Falling well short of the major resistance levels, the reversal also saw Bitcoin slide through the 23.6% FIB of $7,140 before support kicked in.
Elsewhere, it was a bloodbath… as investors jumped for the sell-button in a bid to lock in some frothy gains.
Leading the slide were Stellar’s Lumen and Bitcoin Cash ABC, with losses of 10.91% and 10.21% respectively. Things were not much better for Ethereum, following Thursday’s trend-bucking gains. Ethereum was down by 9.5% at the time of writing.