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Bitcoin – The Bulls Are Getting Hungry for More

Bitcoin is on the move early, following last week’s double digit gains, with the bulls now targeting $8,000 levels. We’ve been here before…
Bob Mason

Bitcoin slipped by just 0.09% on Sunday, following Saturday’s 0.96% gain, to end the week up 16.54% to $7,396.8.

It was a choppy start to the day, Bitcoin pulling back to a start of the day intraday low $7,329.1 before a move through to a morning high $7,486.9 in the early hours, with a more extended run kicking off in the late morning.

Off the back of a slide back to $7,300 levels, the late morning recovery saw Bitcoin break through the first major resistance level at $7,501.27 to a late in the day intraday high $7,575, before a broad based market sell-off saw Bitcoin pullback to sub-$7,400 levels by the day’s end.

In spite of the choppy day that left Bitcoin in the red, the near-term bullish trend remained intact, with the week’s gains seeing Bitcoin avoiding a slide through the 23.6% FIB Retracement Level of $7,230 to resume the extended bearish trend, formed back at 5th May’s swing hi $9,999.

For the Bitcoin bulls, steering clear of the day’s first major support level at $7,263.27 was also a positive, though over the near-term we continue to see a hold above the 23.6% FIB Retracement Level of $7,230 as key for the near-term bullish trend to remain intact.

On the news front, there was no particularly negative news to influence sentiment through the day, with the end of July deadline for the rollout of a unified set of G20 cryptomarket rules and regulations rapidly approaching, though the market panic over possibly crippling action appears to have abated.

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At the time of writing, Bitcoin was up 3.36% to $7,646.2 in what’s been a particularly bullish start to the day, with Bitcoin rallying through the first major resistance level at $7,538.17 and second major resistance level at $7,679.53 to a morning high $7,694.3 before a partial pullback.

Bitcoin’s trend bucking near-term bullish trend has certainly cemented itself as Bitcoin moves further away from the 23.6% FIB Retracement Level of $7,230 that had been providing much needed support over the weekend.

For the day ahead, the Bitcoin bulls will be talking of a return to $8,000, with Bitcoin needing to break through to $7,700 levels for the first time since 7th June to give Bitcoin a run at $8,000 levels this week, though we can expect plenty of resistance to impede its path along the way.

Failure to move through to $6,700 levels later in the day could see Bitcoin cough up some of the morning gains, though we would expect Bitcoin to steer clear of sub-$7,300 support levels on the day, the upbeat sentiment in the early hours coming off the back of a late reversal on Sunday and not an overspill from a late weekend rally.

Elsewhere in the cryptomarket EOS was leading the way amongst the majors, gaining 6.63% at the time of writing, with NEM’s XEM, Cardano’s ADA and Bitcoin Cash all seeing in excessive of 5% gains early on.

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