Bitcoin – Bulls Eye $6,700 as the Market Gets Bullish

Bitcoin makes an early move and could be in for a surprise of the SEC approves the Vaneck ETF early…
Bob Mason
Bitcoin euros and USD

Bitcoin gained 1.75% on Thursday, following a 0.97% rise on Wednesday, to end the day at $6,504.8.

There was very little action through the first half of the day, with Bitcoin moving within a particularly tight range, a morning low $6,371.3 and high $6,460.1 steering clear of the day’s major support and resistance levels.

A pullback in the late afternoon to an intraday low $6,340 held well above the day’s first major support level at $6,147.17 before a broad based market rally kicked in, with Bitcoin rallying to a late in the day intraday high $6,584 before easing back, the day’s high falling short of the first major resistance level at $6,597.03 and more importantly, the 23.6% FIB Retracement Level of $6,757.

On the news front, a jump in Ripple’s XRP on news of American bank PNC’s plans to adopt RippleNet to process international payments, provided support across the broader market. The SEC also announced that it had commenced the postponed review of the VenEck Bitcoin ETF application, the SEC having postponed the review back in August to 30th September.

The fact that the SEC has requested further information and not declined the application will have been taken as a positive, though one particular area of interest for the SEC relates to market manipulation, the SEC looking for views on whether Bitcoin is less susceptible to manipulation than other exchange traded fund components.

Of interest will be how those providing commentary view the sizeable short position that had been placed ahead of the Goldman Sachs announcement that it would be hitting pause on its cryptocurrency trading desk, the move leading to a sizeable fall in the value of Bitcoin and the broader market.

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At the time of writing, Bitcoin was up 0.96% to $6,556, with Bitcoin moving from a start of a day low $6,473.8 to a morning high $6,645 before easing back, Bitcoin breaking through the day’s first major resistance level at $6,612.53, while leaving the first major support level at $6,368.53 untested.

For the day ahead, a move back through to $6,600 levels would support another run at $6,700 levels to bring the day’s second major support level at $6,720.27 and the 23.6% FIB Retracement Level of $6,757 into play, though the news wires will need to be particularly crypto friendly to support a Bitcoin breakout from $6,600 levels.

Failure to move back through to $6,600 levels could see Bitcoin pullback through the morning low $6,473.8 to bring sub-$6,400 levels and the day’s first major support level at $6,368.53 into play before any recovery.

The news wires may well play a part in today’s moves, with the SEC’s ongoing review of the VanEck Bitcoin ETF application a factor to consider, the SEC having previously made its decisions on other Bitcoin ETFs earlier than had been anticipated.

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