Bitcoin tumbled by 12.05% on Tuesday. Following on from a 3.54% slide on Monday, Bitcoin ended the day at $8,538.7.

A bullish start to the day saw Bitcoin rise to a mid-morning intraday high $9,795.

Whilst falling short of the major resistance levels, Bitcoin broke back through the 38.2% FIB of $9,734.

Bearish sentiment ultimately weighed, however. Through the 2^nd half of the day, Bitcoin tumbled to a late intraday low $8,100.

Bitcoin fell back through the 38.2% FIB and also fell through the day’s major support levels.

In spite of finding support through the late afternoon, Bitcoin failed to move back through the third major support level at $8,863.23.

For the bulls, the extended bullish trend remained intact in spite of the slide to sub-$9,000 levels. While falling back through the 38.2% FIB, Bitcoin continued to steer well clear of the 62% FIB of 7,245.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a sea of red for the majors.

Bitcoin Cash ABC (-25%), Bitcoin Cash SV (-22.84%) and EOS (-25.09%) saw the heaviest losses on the day.

It wasn’t much better elsewhere, however, with Ripple’s XRP (-12.85%), which saw the most modest loss on the day.

Through the start of the week, the total crypto market cap slid from a high $257.99bn late on Monday to a Tuesday low $218.11bn. At the time of writing, the total market cap stood at $225.47bn.

Bitcoin’s dominance moved back through to 69% levels, reflective of the heavier losses seen across the broader market

There were no material crypto news events to cause the Tuesday sell-off. A recent downward trend has seen Bitcoin in the red in 10 of the last 12 days. A lack of volumes coupled with economic and political uncertainty may have contributed to the slide in volumes.

One thing that Tuesday’s sell-off did indicate, however, was that Bitcoin is some way off being a safe haven…

This Morning

At the time of writing, Bitcoin was up by 1.6% to $8,674.9. A bullish first hour of the day saw Bitcoin rise from an early morning low $8,535 to a high $8,692.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a sea of green across the majors as late Tuesday’s support continued into this morning.

EOS and Bitcoin Cash SV led the way early on, with gains of 4.81% and 4.6% respectively.

Litecoin trailed the pack, rising by just 0.79%.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the morning high to $9,000 levels to bring the first major resistance level at $9,522.47 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from $9,000.