Bitcoin – Bulls Struggle at $6,700 as Altcoins Play Catchup

Bitcoin gives up $6,700 levels to move into the red early on, the day’s major support levels in play should Bitcoin fail to recover by late morning.
Bob Mason
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Bitcoin slipped by 0.19% on Sunday, following Saturday’s 0.5% fall, to end the week up 3.23% at $6,710.

Another bullish start to the day saw Bitcoin move from an early morning dip to a late morning intraday high $6,785.9 to test selling pressure at the 23.6% FIB Retracement Level of $6,757 before pulling back.

Falling through the late morning and early afternoon, Bitcoin fell to an early afternoon intraday low $6,661.5 before recovering, with a late in the day move back through to $6,700 levels.

The moves through the day left the day’s major support and resistance levels left untested, with the extended bearish trend firmly intact as Bitcoin continues to struggle at the 23.6% FIB Retracement Level, a breakout through the 38.2% FIB Retracement Level needed for Bitcoin to begin forming a bearish trend reversal.

While Bitcoin struggled through the weekend, product differentiation looks to be hitting the broader market, with some of the majors bucking the trend through the week. While Ripple’s XRP grabbed most of the headlines mid-week, with impressive runs, Stellar’s Lumen was perhaps as impressive, with a break through the 62% FIB Retracement Level over the weekend leading to a bearish trend reversal.

For the Bitcoin bulls, holding on $6,700 levels going into Monday was the positive, though there’s plenty of resistance pinning Bitcoin back from another run at $7,000 levels, with Bitcoin’s dominance down at 51.2%, a number of the major cryptos making strong gains in the week.

The news wires were relatively crypto friendly through the weekend to leave the majors on an upward trajectory, though there was no weekend rally for Bitcoin as investors look on for news from the SEC on the latest Bitcoin ETF application.

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At the time of writing, Bitcoin was down 0.16% to $6,698.9 in a relatively range bound start to the day, Bitcoin easing back from a morning high $6,721.7 to a morning low $6,688.7 before steadying, the early moves leaving the day’s major support and resistance levels left untested. More importantly was the pullback from $6,700 levels, which has proven to be a line in the sand for the Bitcoin bulls, with the 23.6% FIB Retracement Level at $6,757 delivering heavy selling pressure.

For the day ahead, a move back through the morning high would support a run at the 23.6% FIB Retracement Level of $6,757 and the day’s first major resistance level at $6,776.77 to bring $6,800 levels into play, though the news wires will need to be crypto friendly and Bitcoin will need to move back through to $6,700 levels and hold by the early afternoon to support a bullish move.

Failure to move back through the morning high could see Bitcoin hit reverse later in the day, with a pullback through the morning low $6,688.7 bringing the day’s first major support level at $6,652.37 into play, with any negative news hitting the wires likely to see Bitcoin test the second major support level at $6,594.73 before any recovery.

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