Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Bob Mason
Closeup hand holding bitcoin over the Cryptocurrency trading scr

Bitcoin rose by 0.50% on Sunday. Following on from a 0.15% gain on Saturday, Bitcoin ended the week up by 2.04% to $6,919.0.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $6,797.6 before making a move.


Finding support at the first major support level at $6,790.4 Bitcoin rallied to a late afternoon intraday high $7,192.5.

Bitcoin broke through the first major resistance level at $6,968.2 and second major resistance level at $7,051.9 before hitting reverse.

A late sell-off saw Bitcoin fall back through the major resistance levels to limit the gain 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 another mixed day on Sunday.

Bitcoin Cash ABC (-0.07%), EOS (-0.28%), Litecoin (-1.31%), Monero’s XMR (-0.26%), and Stellar’s Lumen (-1.18%) saw red on the day.

Binance Coin (+3.40%), Bitcoin Cash SV (+2.59%), Cardano’s ADA (+0.18%) Ethereum (+0.12%), Ripple’s XRP (+0.72%) and Tezos (+1.52%) joined Bitcoin in the green.

While it was a mixed end to the week, it was a bullish week for the crypto majors.

Bitcoin Cash SV (+10.00%), Ethereum (+11.26%), Stellar’s Lumen (+12.68%), and Tezos (+20.38%) led the way.

Binance Coin (+4.31%), Cardano’s ADA (+4.93%), EOS (+6.23%), and Ripple’s XRP (+5.79%) also found strong support.

Bitcoin Cash ABC (+0.62%), Monero’s XMR (+0.98%), and Tron’s TRX (+0.37%) trailed the pack in the week.

Through the week, the crypto total market cap rose from a Monday low $190.55bn to a Tuesday high $211.57bn. A choppy 2nd half of the week, however, saw the total market cap fall back to sub-$200bn levels before. At the time of writing, the total market cap stood at $192.36bn.

Bitcoin’s dominance eased back from 65% levels seen on Monday. At the time of writing, Bitcoin’s dominance stood at 64.1%.

24-hour trading volumes recovered from sub-$100bn levels to hit $171bn levels on Tuesday before easing back. At the time of writing, 24-hr volumes stood at $128.20bn.


This Morning

At the time of writing, Bitcoin was down by 3.06% to $6,707.1. A particularly bearish start to the day saw Bitcoin slide from an early morning high $6,917.0 before to a low $6,571.1.

Steering clear of the major resistance levels, Bitcoin fell through the first major support level at $6,746.9. The second major support level at $6,574.8 limited the downside early on.

Elsewhere, it was also a bearish start to the day.

EOS and Stellar’s Lumen led the way down early on, with losses of 3.90% and 4.21% respectively.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $6,970 levels to bring the first major resistance level at $7,141.80 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through the first major support level at $6,746.9 to hit $6,900 levels.

Barring a broad-based crypto rebound, resistance at $7,000 would likely leave Bitcoin short of the first major resistance level and Sunday’s high $7,192.5.

In the event of a crypto rebound, resistance at $7,200 would likely limit any upside.

Failure to move back through to $6,970 levels could see Bitcoin fall deeper into the red.

A fall back through the second major support level at $6,574.8 would bring the 23.6% FIB of $6,300 into play.

Barring an extended crypto sell-off, however, Bitcoin should continue to steer of sub-$6,500 support levels.

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.