Bitcoin – Can Bitcoin Break Through to $6,800 Before the Weekend?

Bitcoin gained 3.69% on Thursday, following a 0.3% rise on Wednesday, to end the day at $6,700.9, a fall back to sub-$6,300 levels averted as the bulls looked to take control.

A relatively range bound start to the day saw Bitcoin fall to a late morning intraday low $6,436.7 before finding support from a shift in sentiment across the broader market, the day’s low holding well above the first major support level at $6,377.2.

Bitcoin recovered to $6,500 levels and held on through the early afternoon, with a late in the day rally kicking in to drive Bitcoin to an intraday high $6,745, the late move seeing Bitcoin break through the first major resistance level at $6,552.7 and second major resistance level at $6,643.1 to test selling pressure at the 23.6% FIB Retracement Level of $6,757 before easing back.

For the Bitcoin bulls, the break back through to $6,700 levels and to hold on by the day’s end was the positive of the day, the threat of a fall back to sub-$6,300 levels having lingered as investors continued to fret over rules, regulations, hacks and the SEC.

The moves across the broader market through the day saw the cryptomarket total market cap rise to $223.44bn, with the Thursday rally seeing Bitcoin’s dominance pullback to 51.9%, sitting well below the 58% levels seen earlier in the month.

While Bitcoin enjoyed a positive end to the day, Bitcoin Cash left Bitcoin in the dust for a second day in a row, a 10.14% move coming off the back of a 15.2% rally on Wednesday, Bitcoin Cash considered to be more a suitable alternative to fiat money than Bitcoin at present.

Get Into Cryptocurrency Trading Today

At the time of writing, Bitcoin was up 0.40% to $6,718.1, with a relatively range bound start to the day seeing Bitcoin pull back from a morning high $6,737.2 to a morning low $6,687 before regaining $6,700 levels, the early moves leaving the major support and resistance levels left untested.

For the day ahead, a move back through the morning high $6,737.2 would support another run at the first $6,800 levels and the day’s first major resistance level at $6,818.37, though we can expect Bitcoin to face plenty of selling pressure at the 23.6% FIB Retracement Level of $6,757 should sentiment across the broader market not materially improve through the morning.

Failure to move back through the morning high could see Bitcoin hit reverse later in the day, with a pullback through the morning low $6,687 to $6,630 bringing the day’s first major support level at $6,510.07 into play.

While we would expect the day’s support levels to remain untested, the news wires will need to be monitored through the day, investor sensitivity to negative news likely to lead to the support levels being tested in the event of any negative news hitting the wires, particularly if in relation to rules and regs or the SEC’s pending Bitcoin ETF decision, neither of which are anticipated today.