FXEMPIRE
All
Corona Virus
Stay Safe, FollowGuidance
World
13,084,877Confirmed
572,556Deaths
7,625,376Recovered
Fetching Location Data…
Advertisement
Advertisement
Bob Mason
Closeup hand holding bitcoin over the Cryptocurrency trading scr

Bitcoin fell by 1.04% on Friday. Partially reversing a 1.96% gain from Thursday, Bitcoin ended the day at $6,740.8.

A bullish start to the day saw Bitcoin rally to a late morning intraday high $7,049.1 before hitting reverse.

Falling short of the first major resistance level at $7,202.80, Bitcoin slid to a late afternoon intraday low $6,623.3.

Finding support late in the day, Bitcoin briefly recovered to $6,800 levels before easing back into the red.

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 a bullish day on Friday.

Monero’s XMR led the way once more, rising by 4.62%.

Binance Coin (+2.92%), Bitcoin Cash ABC (+1.61%), Bitcoin Cash SV (+1.73%), Cardano’s ADA (1.63%), EOS (+1.69%), and Litecoin (+1.55%) also found strong support.

Ethereum (+0.04%), Ripple’s XRP (+0.59%), Stellar’s Lumen (+0.93%), Tezos (+0.81%), and Tron’s TRX (+0.02%) trailed the pack.

Through the current week, the crypto total market cap rose from a Monday low $168.04bn to a late Thursday high $197.15bn. At the time of writing, the total market cap stood at $188.45bn.

Bitcoin’s dominance eased back to sub-65% levels fon Tuesday before bouncing back to visit 66% levels on Thursday. At the time of writing, Bitcoin’s dominance stood at 65.2%.

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 $121.48bn.

Advertisement

This Morning

At the time of writing, Bitcoin was down by 0.14% to $6,731.3. A mixed start to the day saw Bitcoin rise to an early morning high $6,815.0 before falling to a low $6,684.0.

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

Elsewhere, it was another mixed start to the day.

Ripple’s XRP bucked the trend early on, rising by 0.04%.

Bitcoin Cash SV, Cardano’s ADA, and Tron’s TRX led the way down, with losses of 1.52%, 1.14%, and 1.13% respectively

For the Bitcoin Day Ahead

Bitcoin would need to move through to $6,800 levels to bring the first major resistance level at $6,985.3 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $6,815.0.

Barring another crypto rally, the first major resistance level at $6,985.30 would likely pin Bitcoin back on the day.

Failure to move back through to $6,800 levels could see Bitcoin fall deeper into the red.

A fall back through to sub-$6,700 levels would bring the first major support level at $6,559.8 into play.

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

The second major support level at $6,378.8 should limit any downside on the day.

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