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Bitcoin – Bulls in Desperate Search of a Weekend Rally

Bitcoin sees ready again in the early hours and there couldn’t be a better time for some good news to lift the markets at the end of the weekend.
Bob Mason
Bitcoins etf

Bitcoin fell by 0.65% on Saturday, following on from Friday’s 0.9% decline, to end the day at $6,592.3. With Bitcoin in the red in 4 of the 5-days this week, Bitcoin’s down 1.75% for the current week, Monday through Saturday, Thursday’s 3.69% not enough to raise the prospects of another weekly gain.

A particularly bearish start to the day saw Bitcoin slide through the first major support level at $6,506.6 to an early morning intraday low $6,454.2 before steadying, with Bitcoin then joining the majors in a late morning rally.

Recovering to $6,600 levels by late morning, upward momentum through the afternoon saw Bitcoin hit a late in the day intraday high $6,635.1 before easing back to sub-$6,600 levels, the day’s high coming up short of $6,700 levels and the first major resistance level at $6,791.1.

The moves through the day saw Bitcoin, not only come up short of $6,700 levels that has become a key resistance level for Bitcoin, but also the 23.6% FIB Retracement Level of $6,757 that has caused numerous sell-offs on previous attempts at a breakout from its recent $6,300 – $6,800 ranges.

Gains elsewhere in the cryptomarket on Saturday led to Bitcoin’s dominance ease back further to 51.2%, while the crypto market cap recovered to $222bn levels in spite of Bitcoin’s 2nd consecutive day in the red.

Elsewhere, finding green through the first part of the weekend included Stellar’s Lumen and NEM’s XEM, alongside Ripple’s XRP that looked to take another run at the number 2 spot by market cap, with Ripple’s XRP now just over $1bn behind Ethereum.

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At the time of writing, Bitcoin was down 0.59% to $6,558.5, with a relatively choppy start to the day seeing Bitcoin recover from a start of a day dip to sub-$6,600 levels to a morning high $6,610.4 before hitting reverse and a morning low $6,556.8.

The moves through the early morning left the major support and resistance levels untested, with Bitcoin struggling alongside the majors, Monero’s XRM and Ripple’s XRP just a small number of cryptos managing to hold on to positive territory at the time of writing.

For the day ahead, a move through $6,560 would bring $6,600 levels back into play, with any improvement in sentiment across the broader market likely to see Bitcoin test the day’s first major resistance level at $6,666.87 before any pullback, $6,700 levels and the 23.6% FIB Retracement Level of $6,757 unlikely to be touched through the day.

Failure to move through $6,560 to $6,600 levels could see Bitcoin struggle for direction through the second half of the day, with sub-$6,500 levels and the day’s first major support level at $6,485.97 very much in play through the day.

It’s been another bearish start to the day and for Bitcoin to make its move, the news wires will need to remain friendly through the day, Bitcoin unlikely to find itself bucking a broader market trend through the day.

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