Bitcoin rose by 3.17% on Saturday. Reversing a 0.97% fall from Friday, Bitcoin ended the day at $7,268.8.
It was a bullish day for Bitcoin on Saturday.
Bitcoin rallied from an early morning intraday $7,031.1 to a late intraday high $7,309.7.
The day-long rally saw Bitcoin break through the first major resistance level at $7,134.13 and second major resistance level at $7,222.47. Bitcoin came within range of the third major resistance level at $7,372.77 before easing back.
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 on Saturday.
Tezos and Ethereum rallied by 11.91% and 9.97% to lead the way on the day.
Binance Coin (+6.59%), Bitcoin Cash ABC (+4.54%), Bitcoin Cash SV (+4.93%), Cardano’s ADA (+6.82%), EOS (+4.44%), Litecoin (+4.59%) also found strong support.
Monero’s XMR (+3.27%), Ripple’s XRP (+3.42%), Stellar’s Lumen (+2.69%), and Tron’s TRX (+3.49%) trailed the pack on the day.
Through the current week, the crypto total market cap rose to a current week high $210.44bn late on Saturday. Wednesday’s 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 $209.88bn.
Bitcoin’s dominance eased back from 64% levels following Thursday’s and Saturday’s broad-based crypto rallies. At the time of writing, Bitcoin’s dominance stood at 63.4%.
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 $128.94bn.
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At the time of writing, Bitcoin was down by 0.58% to $7,227.0. A bearish start to the day saw Bitcoin fall from an early morning high $7,285.4 to a low $7,210.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV and Tezos bucked the trend early on, with gains of 0.34% and 0.10% respectively.
It was a bearish start to the day for the rest of the majors, however.
Binance Coin (-1.24%), Cardano’s ADA (-1.06%), and EOS (-1.45%) led the way down early on.
For the Bitcoin Day Ahead
Bitcoin would need to move through to $7,300 levels to bring the first major resistance level at $7,375.30 into play.
Support from the broader market would be needed, however, for Bitcoin to breakout from Saturday’s high $7,309.7.
Barring another broad-based crypto rally, the first major resistance level and Saturday’s high $7,309.7 would likely cap any upside.
In the event of a broad-based crypto rally, the second major resistance level at $7,481.80 would come into play.
Failure to move through to $7,300 levels could see Bitcoin fall deeper into the red.
A fall through to sub-$7,200 levels would bring the first major support level at $7,096.70 into play.
Barring a crypto meltdown, however, Bitcoin should steer of sub-$7,000 levels.