Bitcoin – Looking to Break Out From its Current Ranges

Bitcoin gained 0.49% on Saturday, reversing Friday’s 0.47% fall, to end the day at $6,250.1.

Another relatively range bound start to the day saw Bitcoin pullback from an early morning high $6,277.6 to a late morning intraday low $6,179.2 before recovering to $6,200 levels, the day’s low seeing Bitcoin steer clear of the first major support level at $6,116.43.

An afternoon move saw Bitcoin break through to $6,300 levels and an intraday high $6,320 before pulling back to $6,200 levels late in the day, the first major support level at $6,331.33 left untested on the day.

While the news wires were on the quieter side through the first half of the weekend, news of investigator Mueller’s indictment of 12 Russians that reportedly used Bitcoin, amongst other cryptocurrencies, to meddle in the 2016 Presidential Elections had a relatively muted impact.

It remains to be seen how the U.S government and regulators will respond to the use of cryptocurrencies in the meddling, but one thing is for certain, the days of anonymity will certainly be numbered, something that the cryptomarket has been anticipating since the shift in policies in key jurisdictions including South Korea, where KYC and Anti-money laundering procedures are already in effect.

For the Bitcoin bulls, it was another disappointment, with Bitcoin failing to gain momentum, as investor caution continues to leave Bitcoin and the broader cryptomarket in the hands of the crypto bears.

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At the time of writing, Bitcoin was up 0.41% to $6,275.5, with Bitcoin recovering from a start of the day morning low $6,230.3 to take a run at $6,300 levels with a morning high $6,278.6.

With Bitcoin managing to steer clear of sub-$6,200 levels and the day’s first major support level at $6,179.53, the upward move through the morning has brought the day’s first major resistance level at $6,320.33 into play, though we will expect Bitcoin to continue to face strong resistance as $6,300.

Failure to move back through the morning high to take a run at $6,300 levels could see Bitcoin take a hit later in the day to bring the day’s first major support level at $6,179.53 into play, while we would expect the second major support level at $6,108.97 to remain untested through the day.

 

Time is running out for Bitcoin bulls to build in a price buffer ahead of the planned roll out of rules and regulations by the G20, leaving investors with the possibility of a pullback to sub-$5,000 levels before any market rebound, the latest news on the Mueller indictments offering further justification for U.S regulators to hit the cryptomarket hard with appropriate oversight.

Across the rest of the majors, it was a mixed bag, with DASH seeing the heaviest losses early on, down just 0.79%, while Litecon and Stellar’s Lumen were the front runners in the early part of the day, each up 1% for the morning.

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