FXEMPIRE
All
Corona Virus
Stay Safe, FollowGuidance
World
13,080,744Confirmed
572,542Deaths
7,624,516Recovered
Fetching Location Data…
Advertisement
Advertisement
Bob Mason
Bitcoin symbol in blockchain technology and cryptocurrency concept. Abstract background 3d illustration.

Bitcoin rose by 2.05% on Saturday. Reversing a 1.04% fall from Friday, Bitcoin ended the day at $6,880.1.

A mixed start to the day saw Bitcoin rise to a late morning high $6,928.0 before hitting reverse.

Falling short of the first major resistance level at $6,985.30, Bitcoin slid to a late morning intraday low $6,660.0.

Steering clear of the first major support level at $6,559.8, Bitcoin rallied to a late intraday high $7,014.0 before sliding back.

Bitcoin broke through the first major resistance level at $6,985.3 before wrapping up the day at sub-$6,900 levels.

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.

Binance Coin, Ethereum and Monero’s XMR led the way with gains of 3.14%, 2.12%, and 2.32% respectively.

Bitcoin Cash ABC (+1.26%), EOS (+1.25%), Ripple’s XRP (+1.17%), Stellar’s Lumen (+1.66%), and Tezos (+1.29%) also found support.

Bitcoin Cash SV (+0.37%), Cardano’s ADA (0.62%), Litecoin (+0.89%), and Tron’s TRX (+0.64%) 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 $192.54bn.

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 65.2%.

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 $108.79bn.

Advertisement

This Morning

At the time of writing, Bitcoin was down by 0.45% to $6,849.0. A mixed start to the day saw Bitcoin rise to an early morning high $6,917.9 before falling to a low $6,821.4.

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

Elsewhere, it was another mixed start to the day.

Monero’s XMR led the way down with a 0.76% loss early on, while Binance Coin found early support, rising by 0.80%.

Bitcoin Cash ABC (+0.74%), Bitcoin Cash SV (+0.39%), Ethereum (+0.08%), Stellar’s Lumen (0.07%) were also in positive territory.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $6,850 levels to bring the first major resistance level at $7,042.73 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Saturday’s high $7,014.0.

Barring another crypto rally, the first major resistance level at $7,042.73 would likely pin Bitcoin back on the day.

Failure to move back through to $6,850 levels could see Bitcoin fall deeper into the red.

A fall back through to sub-$6,800 levels would bring the first major support level at $6,688.73 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer of the second major support level at $6,497.37.

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