Bitcoin – Bulls Need Another Win to Calm the Nerves

Bitcoin gained 1.33% on Saturday, reversing Friday’s 2.01% loss, to end the day at $3,506.0. The gain has reduced the week’s loss to 13.19% for the current week, Monday through Saturday.

A relatively bullish start to the day saw Bitcoin rise to an early morning high $3,549.7 before hitting reverse, with a broad based cryptomarket sell-off weighing through much of the day.

Bitcoin fell to a late in the day intraday low $3,316.1, steering clear of the first major support level at $3,281.73 before breaking out late in the day to an intraday high $3,800.1.

The late in the day spike looked like nothing more than a short squeeze, with short covering likely to have kicked in following particularly heavy losses in November and early November

The day’s high saw Bitcoin break through the first major resistance level at $3,634.13 to come within range of the second major resistance level at $3,808.27 before sliding back to $3,500 levels.

For the Bitcoin bulls, it was another day on which…