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Bob Mason
Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

Bitcoin slipped by 0.97% on Friday. Partially reversing a 7.25% rally from Thursday, Bitcoin ended the day at $7,045.8.

It was a bearish start to the day. Bitcoin slid from an early morning intraday high $7,160.5 to an early afternoon intraday low $7,010.2.

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Steering clear of the major support and resistance levels, Bitcoin rebounded to $7,150 levels in the final hour.

A bearish end to the day, however, left Bitcoin at sub-$7,100 and in 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 bearish day on Friday.

EOS (-1.50%), Monero’s XMR (-1.18%), and Tezos (-1.46%) led the way down.

Binance Coin (-0.82%), Ethereum (-0.98%), Litecoin (-0.92%), and Ripple’s XRP (-0.83%) weren’t far behind.

Bitcoin Cash SV (-0.51%), Cardano’s ADA (-0.55%), and Tron’s TRX saw relatively modest losses on the day.

Bitcoin Cash ABC closed out the day flat to avoid a day in the red.

Through the current week, the crypto total market cap rose to a current week high $205.45bn late on Friday. A Wednesday sell-off had seen the total market cap fall to a current week low $187.38bn. At the time of writing, the total market cap stood at $204.00bn.

Bitcoin’s dominance eased back from 64% levels following Thursday’s broad-based crypto rally. At the time of writing, Bitcoin’s dominance stood at 63.8%.

24-hour trading volumes rose from sub-$120bn levels to reach a current week high $168.48bn on Thursday before easing back. At the time of writing, 24-hr volumes stood at $119.43bn.

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This Morning

At the time of writing, Bitcoin was up by 0.61% to $7,088.6. A bullish start to the day saw Bitcoin rise from an early morning low $7,031.1 to a high $7,090.0.

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

Elsewhere, it was a bullish start to the day.

Bitcoin Cash SV was down by 0.35% early on to buck the trend.

Binance Coin (+1.50%), Cardano’s ADA (+1.56%), Ethereum (+1.29%), and Tezos (+1.01%) led the way early on.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $7,100 levels to bring the first major resistance level at $7,134.13 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $7,090.

Barring another broad-based crypto rally, the first major resistance level and Friday’s high $7,160.5 would likely cap any upside.

In the event of a broad-based crypto rally, the second major resistance level at $7,222.47 would come into play.

Failure to move through to $7,100 levels could see Bitcoin fall back into the red.

A fall through to sub-$7,070 levels would bring the first major support level at $6,983.83 into play.

Barring a crypto meltdown, however, Bitcoin should steer of sub-$6,900 levels.

The second major support level at $6,921.87 should limit any downside on the day.

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