Bitcoin Lags Again in a Mixed Start to the Day

Bitcoin gained 1.33% on Thursday, following Wednesday’s 3.56% gain, to end the day at $8,281, a lacklustre performance relative to its peers.

It was a choppy morning for Bitcoin, which slid to a start of the day $8,032.2 low to set the tone for the day, the morning low calling on support from the 23.6% FIB Retracement Level of $7,996.57 to hold at $8,000 levels early.

An intraday high $8,297.4 in the final hours of the day came up short of the day’s first major resistance level of $8,314.3, with earlier runs at $8,300 also coming up against strong resistance, limiting Bitcoin’s gains through the middle part of the day.

While the rest of the crypto majors broke through major resistance levels, Bitcoin’s first major resistance level was left untested, reflecting the lacklustre moves and shift in investor appetite to the altcoins.

This week’s moves continue to support the near-term bullish trend formed at 6^th April’s swing lo $6,500.2, but the market may beginning to see investors look for viable investment options, Bitcoin’s continued issues with transaction prices and fees a major stumbling block.

Speculative investors have been supportive of Bitcoin, but with the smart money beginning to enter the market, successful platforms and those with a promising future are likely to continue garnering significantly more attention in the bull runs, Ripple’s XRP enjoying a solid week supported by the continued success of Ripple’s cross border payment platform.

Bitcoin Cash left Bitcoin in its wake for a 2^nd day in a row, which adds further support to the view that investors are beginning to differentiate between the cryptocurrencies on offer, with Bitcoin Cash seen as a more viable alternative to fiat money.

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At the time of writing, Bitcoin was up 0.08% to $8,280, with Bitcoin pulling back from an early morning $8,389 high to hit a morning $8,219 low before steadying at the time of writing.

The morning’s high came within touching distance of the first major resistance level of $8,374.87 before the pullback, with the market consolidating gains from the middle of the week.

This morning’s moves have continued to leave Bitcoin lagging some of its peers, with Bitcoin Cash managing to recover from an early slide to move ahead early on, as the market continues to show signs of a shift in preference towards Bitcoin Cash.

For the day ahead, a move back through to $8,300 levels would support a run at the first major resistance level and ease concerns of a possible end of week reversal, with any failure to break back through to $8,300 levels likely to leave Bitcoin at the back of the pack for yet another day.

Bitcoin has struggled at $8,300 in the 2^nd half of the week and for continued gains, breaking clear of the first major resistance level will be key through the day and into the weekend.

Elsewhere, Ripple’s XRP was among the trail blazers, up 5.79%, with Monero up 2.88% and Cardano’s ADA up 1.31%.

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