The Crypto Daily – Movers and Shakers -05/04/20It’s another mixed start to the day, with Bitcoin needing to break back through to $7,000 levels to support a broader market breakout.
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.
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.