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Bob Mason

Bitcoin rose by 1.96% on Thursday. Following on from a 3.83% rally on Wednesday, Bitcoin ended the day at $6,810.7.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $6,580 before making a move.

Steering clear of the first major support level at $6,327.83, Bitcoin rallied to a late afternoon intraday high $7,283.5.

Bitcoin broke through the first major resistance level at $6,874.33 and the second major resistance level at $7,073.67.

The first visit to $7,000 levels since 12th March was short-lived, however, with Bitcoin sliding back to sub-$7,000 levels.

The pullback saw Bitcoin fall through the major resistance levels to limit the upside on the day.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was also a bullish day.

Bitcoin Cash SV (+4.33%) and Monero’s XMR (+4.12%) led the way on Thursday.

Binance Coin (+2.11%), Bitcoin Cash ABC (+2.84%), Cardano’s ADA (+2.86%), Ethereum (+3.96%), Tezos (+2.81%), and Tron’s TRX (+2.81%) also found strong support.

EOS (+1.28%), Litecoin (+1.63%), Ripple’s XRP (+1.53%), and Stellar’s Lumen (+0.16%) trailed the back.

Through the current week, the crypto total market cap rose from a Monday low $168.04bn to a Thursday high $197.15bn. At the time of writing, the total market cap stood at $191.02bn.

Bitcoin’s dominance eased back to sub-65% levels following Tuesday’s modest gain before bouncing back to visit 66% levels on Thursday. At the time of writing, Bitcoin’s dominance stood at 65.4%.

24-hour trading volumes recovered from sub-$100bn levels last Sunday to hit $158bn levels on Thursday. At the time of writing, 24-hr volumes stood at $144.90bn.


This Morning

At the time of writing, Bitcoin was down by 0.01% to $6,810.0. A mixed start to the day saw Bitcoin fall to an early morning low $6,730.1 before striking a high $6,844.7.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (+1.10%), Bitcoin Cash ABC (+1.54%), and Tezos (+1.35%) led the way early on.

Ripple’s XRP fell by 0.27% to buck the trend early on.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $6,900 levels to bring the first major resistance level at $7,202.8 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $7,000 levels.

Barring another crypto rally, resistance at $7,000 would likely leave Bitcoin short of the first major resistance level.

Failure to move back through to $6,900 levels could see Bitcoin fall deeper into the red.

A fall back through the morning low $6,730.1 would bring the first major support level at $6,499.3 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer of the 23.6% FIB of $6,300.

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