Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Bob Mason
Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

Bitcoin rose by 1.99% on Friday. Following on from a 2.77% rally on Thursday, Bitcoin ended the day at $7,588.3.

A choppy start to the day saw Bitcoin rise to a morning high $7,496.5 before falling to a late morning intraday low $7,350.0.

Steering clear of the first major support level at $7,243.7, Bitcoin rallied to a late afternoon intraday high $7,661.8.

Bitcoin broke through the first major resistance level at $7,583.6 before falling back to sub-$7,500 levels.

Late support delivered the upside on the day, with Bitcoin breaking back through the first major resistance level to hit $7,600 levels before easing back.

In spite of the upside on the day, the first major resistance level at $7,583.6 capped the upside on the day.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of the upside in the current week.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed day for the majors.

Bitcoin Cash SV led the way, rallying by 2.89%.

EOS (+1.62%), Litecoin (+1.14%), Ripple’s XRP (+2.04%), and Stellar’s Lumen (+1.11%) also saw solid gains.

Binance Coin (+0.19%) and Ethereum (+0.42%) trailed the pack, while Bitcoin Cash ABC bucked the trend, with a 0.12% loss.

Through the current week, the crypto total market cap slid from $203bn levels on Monday to a Wednesday low $195.19bn before hitting $204bn levels on Saturday. At the time of writing, the total market cap stood at $204.28bn.

Bitcoin’s dominance returned to 67% levels, supported by the strong gains on the day. 24-hour trading volumes failed to recover to $100bn levels, with volumes at sub-$60bn on Friday.


This Morning

At the time of writing, Bitcoin was down by 0.31% to $7,564.6. A mixed start to the day saw Bitcoin rise to an early morning high $7,609.7 before falling back to a low $7,557.0.

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

Elsewhere, EOS (-0.05%), Ripple’s XRP (-0.28%), and Stellar’s Lumen (-0.22%) joined Bitcoin in the red.

It was a relatively positive day for the rest of the pack, however, with Binance Coin up by 0.44% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $7,600 levels to support a run at the first major resistance level at $7,716.73.

Support from the broader market would be needed, however, for Bitcoin to break out from Friday’s high $7,661.8.

Barring a broad-based crypto rebound on the day, Friday’s high and resistance at $7,700 would likely pin Bitcoin back.

In the event of a rebound, Bitcoin could visit $7,800 levels before any pullback.

Failure to move back through to $7,600 levels could see Bitcoin struggle on the day.

A fall back through to sub-$7,530 levels would bring the first major support level at $7,404.93 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of sub-$7,300 levels for a 2nd consecutive day.

In the event of an extended reversal, the second major support level at $7,221.57 would come into play, however.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.