Market Forecast: Bitcoin Could Struggle, Other Cryptos Mixed

ARLINGTON, Va. – At its current standing, Bitcoin cryptocurrency is seen to struggle throughout the day, and the upcoming week as well.

On Saturday, Bitcoin recorded a decline of around 0.55%, giving back most of its gains from its 1.99% advance on Friday. Bitcoin ended Saturday’s session at $7,543.2.

With the bullish start of Bitcoin for Saturday, it reaches an intraday high at the mid-morning session at $7,669.8. However, it reversed the gains afterward after falling short from the major resistance of $7,716.73. The famed crypto then fell to an intraday low of $7,533.1 late in the morning trading session.

During the afternoon trading session, Bitcoin fell to a high at $7,599.0, steering clear from the $7,404.93 first major support level. Although the resistance at the $7,600 level kicked the second time throughout the day’s session, it led Bitcoin to fall back into the red zone.

Although the crypto has ended the trading day in the red, it was able to hold onto most of its advances from early days in the week. From Monday to Saturday, Bitcoin has recorded around 1.25%.

This morning, Bitcoin is at $7,441.2, tracking a loss of around 1.35%. Bitcoin’s bearish start for the trading day is seeing a marginal decline for the crypto from its early morning high at $7,548.9 to an early morning low at$7,433.6.

Bitcoin has also fallen through the $7,483.33 first major support level, steering away from any major resistance levels.

For Bitcoin on the day ahead, failure of the crypto to move over the $7,580 levels would suggest that it is in for a major struggle throughout the day.

Bitcoin will need to go over the $7,580 levels to gain support at the first major resistance level, which is at $7,636.43. However, to break through the $7,600 level, the Bitcoin would need stronger help from the broader market. Without any rebound for Bitcoin from the broader market, the $7,600 resistance levels are expected to limit Bitcoin’s gains throughout the day.

Elsewhere, the start of the trading day also looks mostly bearish.

From the previous week, it has been a mixed sentiment fro most of the major cryptos in the market. The XRP was seen with around 0.63% advance, but the rest of the pack was mostly trading in the red.

This morning, the bearish sentiment for most cryptos continued with the Binance Coin tracking a 1.62% decline, Bitcoin Cash SV recorded a 1.05% loss, and the Stellar Lumens was already down by 1.27%, with all of them deep in the red.

Litecoin and Ethereum also traded with modest declines at 0.58% and 0.45%, respectively.