FXEMPIRE
All
Corona Virus
Stay Safe, FollowGuidance
World
13,432,901Confirmed
580,028Deaths
7,828,510Recovered
Fetching Location Data…
Advertisement
Advertisement
Bob Mason
Closeup hand holding bitcoin over the Cryptocurrency trading scr

Bitcoin rose by 0.43% on Saturday. Partially reversing a 1.53% fall from Friday, Bitcoin ended the day at $9,408.0.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $9,476.4 before hitting reverse.

Falling short of the first major resistance level at $9,518.1, Bitcoin slid to a mid-day intraday low $9,318.0.

Steering clear of the 38.2% FIB of $9,260.0 and the first major support level at $9,218.5, Bitcoin recovered to an afternoon high $9,444.3 before easing back.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, however, in spite of the January rally.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a bullish day for the crypto majors.

Cardano’s ADA and Litecoin led the way on the day, rallying by 4.07% and 4.02% respectively.

Bitcoin Cash SV (+2.72%), Ethereum (+2.10%), and Tron’s TRX (+2.59%) also found strong support.

Bitcoin Cash ABC (+1.41%), EOS (+0.11%), Monero’s XMR (+1.46%), Ripple’s XRP (+0.71%), and Stellar’s Lumen (+1.63%) trailed the front runners.

Binance Coin bucked the trend, closing out the day flat.

Through the current week, the crypto total market cap rose from a Monday low $237.76bn to a late Thursday high $263.46bn. At the time of writing, the total market cap stood at $257.55bn.

Bitcoin’s dominance fell back to sub-66% levels after the modest gain from Saturday before rising back to 66% levels this morning.

Trading volumes also picked up, rising from sub-$80bn levels last Sunday to $127bn levels on Friday before easing back. At the time of writing, 24-hr volumes stood at $99.60bn.

Advertisement

This Morning

At the time of writing, Bitcoin was down by 0.62% to $9,350.1. A bearish start to the day saw Bitcoin fall from an early morning high $9,410.5 to a low $9,350.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was also a bearish start to the day for the cryptos.

Bitcoin Cash SV (-1.70%) and Litecoin (-1.60%) led the way down early on.

Monero’s XMR (-0.90%) and Stellar’s Lumen (-0.96%) saw modest losses relative to the rest of the pack.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,400 levels to support a run at the first major resistance level at $9,483.60

Support from the broader market would be needed, however, for Bitcoin to break out from Saturday’s high $9,476.4.

Barring another broad-based crypto rally, the first major resistance level would likely leave Bitcoin short of Saturday’s high $9,519.9.

In the event of another breakout, the second major resistance level at $9,559.2 will likely come into play.

Failure to move back through to $9,400 levels could see Bitcoin fall deeper into the red.

A fall through the morning low $9,350.0 would bring the first major support level at $9,325.2 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of the 38.2% FIB of $9,260 and second major support level at $9.242.4.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Trade With A Regulated Broker

  • Your capital is at risk