Bitcoin Needs a Boost or It Could be Back to Sub-$7,000

Bitcoin fell by 0.96% on Friday, reversing Thursday’s 0.36% gain, to end the day at $7,615.3, the moves through the week leaving Bitcoin down 1.33% Monday through Friday.

The day’s high came within the first hour, with Bitcoin moving through to $7,697 before joining the broader market in a mid-morning sell-off, the day’s high having fallen short of the first major resistance level at $7,750.1.

Bitcoin pulled back through the day’s first major support level at $7,618.5 and the 23.6% FIB Retracement Level of $7,605 to an intraday low $7,543.6, calling on support at the day’s second major support level at $7,555.8 before recovering to $7,600 level by the day’s end.

For the Bitcoin bulls, the move back through the 23.6% FIB Retracement Level of $7,605 continued to support the near-term bullish trend formed at late May’s swing lo $7,040 though failing to break through the day’s first major resistance level will continue to be a problem as investor continue to tiptoe through the summer.

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At the time of writing, Bitcoin was up 0.41% to $7,646.6, with Bitcoin hitting a morning high $7,685 before easing back, the day’s high falling short of the first major resistance level at $7,693.67.

A morning low $7,615.1 saw Bitcoin manage to steer clear of the day’s first major support level at $7,540.27 and, more importantly, the 23.6% FIB Retracement Level of $7,605 to continue supporting the near-term bullish trend, though a move back through to $7,800 levels will be needed to bring $8,000 levels into play to continue the bearish trend reversal.

For the day ahead, Bitcoin will need to break through the day’s first major resistance level at $7,693.67 to $7,700 levels to take a run at $8,000 levels through the weekend and avoid another sell-off that would lead to a resumption of the extended bearish trend formed back at 5^th May’s $7,540.27.

Failure to break through the day’s first major resistance level would likely see Bitcoin take a hit through the afternoon, the day’s first major support level at $7,540.27 in play, with the 23.6% FIB Retracement Level of $7,605 unlikely to provide much support in the event of a broad based market sell-off.

While the bullish trend remains intact, with Bitcoin having managed to avoid a pullback through the 23.6% FIB Retracement Level of $7,605 to call on support at the 38.2% FIB Retracement Level of $7,497, a lack of an early weekend rally would likely test investor sentiment going into the new week, with Bitcoin having more to lose following the light losses through the week.

Elsewhere, it was a mixed bag, with DASH seeing the heaviest losses amongst the majors, down 3.09% at the time of writing, while EOS led the way, up 4.57%, NEM’s XEM a distant second, with a gain of 1.91% through the morning.

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