Bitcoin – Bulls Eye $6,700 Levels on Hopes of the SEC Delivering

With Bitcoin holding on to $6,600 levels, the bulls will be eyeing $6,700 levels for the day to maintain momentum.
Bob Mason
Bitcoin 3

Bitcoin gained 0.99% on Monday, following Sunday’s 0.33% gain, to end the day at $6,674.8.

A typically range bound start to the day saw Bitcoin ease back to a mid-morning intraday low $6,585.9, Bitcoin managing to steer clear of the first major support level at $6,547.87, while continuing to struggle to hold on to $6,600 levels.

Tracking the broader market through the late morning, Bitcoin rallied through the late morning to a mid-day intraday high $6,730, the late morning move seeing Bitcoin break through the first major resistance level at $6,663.27 and second major resistance level at $6,709.53, while falling short of the 23.6% FIB Retracement Level of $6,757.

A customary pullback in the final hours of the day saw a late rally through the second major resistance level be cut short, with Bitcoin easing back to $6,600 levels, while managing to avoid a slide back through the first major resistance level to $6,500 levels.

While there was no particularly negative news hitting the crypto wires through the day, there was some bullish chatter to provide support, with hope of an SEC approval of Bitcoin ETF applications driving appetite through the day, any approvals by the SEC likely to deliver Bitcoin and the broader market with some sizeable gains off the back of institutional money flooding into the cryptomarket.

The gains made across the broader market led to the crypto market cap moving back through to $221.5bn, while Bitcoin’s dominance eased back to 52%, the hold on to 52% levels still reflective of a bearish market.

Bitcoin’s struggles at breaking out from $6,600 have continued to see selling pressure at the 23.6% FIB Retracement Level of $6,757 left untested, a breakout to $8,000 levels in late July all too brief to have supported a bearish trend reversal.

Monday’s gains will provide the Bitcoin bulls with some hope of a break free from the recent ranges, though for Bitcoin to enjoy upward momentum free from profit taking late in the day, some favourable regulatory news will need to be forthcoming.

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At the time of writing, Bitcoin was up just 0.05% to $6,676.5, with Bitcoin easing back from a start of a day morning high $6,682 that came up short of the first major resistance level at $6,741.23, while Bitcoin managed to avoid its usual pullback to $6,500 levels.

For the day ahead, holding above $6,665 through the morning would support a run at $6,700 levels later in the day to bring the day’s first major resistance level at $6,741.23 and the 23.6% FIB Retracement Level of $6,757 into play, while we will expect Bitcoin to face plenty of resistance at the first major resistance level that may ultimately leave the 23.6% FIB Retracement Level untested.

Failure to hold above $6,665 will likely see Bitcoin slide back to sub-$6,600 levels to bring the day’s first major support level at $6,597.13 into play, with Bitcoin unlikely to see more material losses barring particularly negative news hitting the wires.

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