It's a bullish start to the day after a particularly bearish week. Bitcoin will need to target $9,000 levels to restore confidence.
Bitcoin slipped by 0.05% on Sunday. Following on from a 1.91% slide on Saturday. Bitcoin ended the week down by 14.3% at $8,556.7.
A choppy start to the day saw Bitcoin fall from an early morning high $8,716.5 to $8,550 levels before striking a mid-day intraday high $8,775.0.
Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $8,741.23.
Hitting reverse through the afternoon, Bitcoin fell to a late afternoon intraday low $8,460.
Finding support at the first major support level at $8,469.53, Bitcoin managed to reverse the losses from the day.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin having struggled to break out from $10,000 levels.
For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.
Across the rest of the top 10 cryptos, it was a mixed day for the crypto majors.
Bitcoin Cash SV and Bitcoin Cash ABC bucked the trend on Sunday, with gains of 8.01% and 0.89% respectively.
It was a bearish start to the month for the rest of the pack, however.
Tezos slid by 4.35% to lead the way down.
Binance Coin (-1.72%), Cardano’s ADA (-3.03%), Monero’s XMR (-2.06%), and Stellar’s Lumen (-1.50%) also saw heavy losses.
EOS (-0.03%), Ethereum (-0.05%), Litecoin (-0.76%), Ripple’s XRP (-0.95%), Tron’s TRZ (-0.64%) saw modest losses on the day.
It was a bearish week for the pack, however, with all the majors seeing heavy losses.
Litecoin (-27.77%), Tezos (-25.79%), Cardano’s ADA (-25.94%), Monero’s XMR (-24.18%), Stellar’s Lumen (-23.21%), Tron’s TRX (-22.70%), Bitcoin Cash ABC (-22.48%), Bitcoin Cash SV (-22.47%), and Ethereum (-21.13%) all saw particularly heavy losses.
Binance Coin (-17.5%), EOS (-19.66%), and Ripple’s XRP (-19.78%) saw relatively modest losses in the week.
Through the week, the crypto total market cap rose to a Monday high $290.09bn before hitting a Sunday low $240.85bn. At the time of writing, the total market cap stood at $246.41bn.
Bitcoin’s dominance rose to 64.% levels before easing back. At the time of writing, Bitcoin’s dominance stood at 64.0%, which was still up from sub-63% levels seen on Monday. The rise came off the back of heavier losses for the rest of the crypto majors on Sunday.
Trading volumes hit a week high $196.34bn on Thursday before sliding back to sub-$130bn levels. At the time of writing, 24-hr volumes stood at $128.81bn.
At the time of writing, Bitcoin was up 1.16% to $8,655.6. A bullish start to the day saw Bitcoin rise from an early morning low $8,524.6 to a high $8,700.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a bullish start to the day for the major cryptos.
Cardano’s ADA and Binance Coin were up by 2.26% and by 2.00% to lead the way.
Bitcoin would need to move back through to $8,700 levels to bring the first major resistance level at $8,734.47 back into play.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $8,700.0.
Barring a broad-based crypto recovery, the first major resistance level would likely pin Bitcoin back on the day.
In the event of a crypto rally, the second major resistance level at $8,912.23 and $9,000 levels could come into play.
Failure to move back through $8,700 levels could see Bitcoin hit reverse.
A fall back through to sub-$8,600 levels would bring the first major support level at $8,419.47 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer well clear of sub-$8,400 support levels and the 23.6% FIB of $8,200.
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.