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Bitcoin slipped 6.71% on Friday, following Thursday’s Trio.3% fall, to end the day at $8,412.6, the very first sub-$9,000 close since 27 th April.
An attempt at an early trend bucking stir back through to $9,000 levels after an initial dip, eyed Bitcoin face strong selling pressure at the 23.6% FIB Retracement Level of $8,980, leading to a mid-morning sell-off that spotted Bitcoin fall through the day’s very first major support level at $8,877.9 and 2nd major support level at $8,745 to morning low $8,510, before hitting an intraday low $8,333.8 ter the late afternoon to call on support at the day’s third major support level at $8.354.1.
It’s bot some time since Bitcoin has called on support at a day’s third major support level, Friday’s losses marking a Five th day out of the last 6 to be ter the crimson, with Friday’s moves affirming the formation of a near-term bearish trend at Five th May’s sway hi $9,999, with Friday’s fresh sway lo $8,333.8.
Bad news has bot the cause of the broad based market sell-off, with news hitting the wires of South Korea’s largest exchange UPbit being raided doing all the harm and handing the reins overheen to the Bitcoin bears.
The good news for the Bitcoin bulls wasgoed that Bitcoin managed to avoid dual digit losses seen amongst some of the other major cryptos and, spil the case has bot ter previous raids, a recovery is likely to be on the cards, barring a reversal of the South Korean’s latest announcement that it would look to become more cryptomarket friendly.
At the time of writing, Bitcoin wasgoed down Two.05% to $8,239.8, Bitcoin continuing to see lighter losses than its peers, the early fall through to a morning low $8,204.Four holding above the day’s very first major support level at $8,158.17.
For the day ahead, a stir back through to the day’s $8,486.Five high would support a run at the day’s very first major resistance level at $8,842.47, tho’ market sentiment will need to have improved for selling pressure at the 23.6% FIB Retracement Level of $8,730 to not lead to another reversal that would likely bring the day’s very first major support level at $8,158.17 into play.
Failure to stir back through to the morning’s high and take a run at $8,700 levels will likely see Bitcoin pullback through sub-$8,200 levels to test support at $8,158.17, with Bitcoin’s resilience likely to be tested zometeen ter the day should the market scare overheen the latest crypto exchange raid not abate.
Likely updates from the South Korean government at the commence of next week should ultimately speld Bitcoin and the broader markets back through the weekend, investors unlikely to be hopping back te on fear that there could be a shift te attitude towards cryptocurrencies.
Elsewhere, Bitcoin Specie wasgoed down 6.34%, with Cardano’s ADA sliding 7.15% te what is another day of crimson for the markets.
This article wasgoed originally posted on FX Empire