Bitcoin Bulls Continue to Struggle at $6,600

Bitcoin gained 1.34% on Thursday, following a 0.38% decline on Wednesday, to end the day at $6,590.4, a sequence of 3 consecutive days in the red coming to an end with Thursday’s gain.

It was a bullish start to the day for Bitcoin and the broader cryptomarket, with Bitcoin rallying to an early morning intraday high $6,648.2, the early move seeing Bitcoin break through the first major resistance level at $6,565.47 and second major resistance level at $6,625.53 before easing back to a morning low $6,561.1.

A choppy second half of the day saw Bitcoin move back through to an afternoon high $6,613.9 before hitting reverse for a second time, Bitcoin sliding to a 2^nd half of a day low $6,542.5, holding on to $6,600 levels proving to be a challenge for the Bitcoin bulls.

Thursday’s gains and a mixed day across the broader market saw Bitcoin’s dominance hold on to 52% levels, while the total cryptomarket cap fell back to sub-$220bn levels.

For the Bitcoin bulls, whilst unable to hold on to $6,600 levels by the day’s end, there was plenty of support to keep Bitcoin within reach of $6,600 levels, raising the prospects of a move back through to $6,700 levels should the news wires remain crypto friendly going into the weekend.

On the news front, there was nothing particularly negative to weigh on Bitcoin and the broader market through the day, the news wires having been on the quieter side through the second half of the week, though it remains to be seen whether it will stay that way.

Investors wait on for the unified rules and regulations to be rolled out by the G20, the rules and regs due this month, assuming that there are no further delays, the pending release certainly contributing to Bitcoin’s failure to brak out of its current ranges.

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At the time of writing, Bitcoin was down 0.21% to $6,576.3, with a choppy morning seeing Bitcoin move to a start of a day morning high $6,626.1 before reversing, the morning high coming up short of the first major resistance level at $6,661.07. The reversal to a morning low $6,506.6 saw Bitcoin call on support at the day’s first major support level at $6,507.47 before recovering.

For the day ahead, holding above $6,575 through the morning would support a run back through to $6,600 levels later in the day, while sentiment across the broader market would need to materially improve for Bitcoin to take a run at the first major resistance level at $6,661.07 to bring $6,700 levels into play.

Failure to hold above $6,575 through the morning could see Bitcoin pullback through the morning low $6,507.47 to bring $6,400 levels and the day’s second major support level at $6,424.53 into play before any recovery, Bitcoin unlikely to test sub-$6,400 support levels on the day.