The Crypto Daily – Movers and Shakers -25/03/20Bitcoin takes an early hit. Failure to move back through to $6,670 levels could see Bitcoin and the broader market struggle.
Bitcoin rose by 4.2% on Tuesday. Following on from an 11.54% rally on Monday, Bitcoin ended the day at $6,762.1
A mixed start to the day saw Bitcoin fall to an early morning intraday low $6,406 before making a move.
Steering clear of the first major support level at $5,890.9, Bitcoin rallied to a late morning intraday high $6,840.0.
Bitcoin came within range of the first major resistance level at $6,878 before falling back to $6,500.0.
Finding support late in the day, however, Bitcoin returned to $6,800 levels before easing back.
In spite of the relatively choppy day, Bitcoin managed to avoid testing support at the 23.6% FIB of $6,300.
The near-term bearish trend, formed at late June’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 top 10 cryptos, it was another bullish day for the majors.
Monero’s XMR, Bitcoin Cash SV, and Tezos led the way, with gains of 6.21%, 5.23%, and 5.15% respectively.
Bitcoin Cash ABC (+2.56%), Cardano’s ADA (+3.52%), EOS (+2.24%), Litecoin (+4.07%), and Ripple’s XRP (+2.29%) also found strong support.
Binance Coin (+1.88%), Ethereum (+1.46%), Stellar’s Lumen (+1.71%), and Tron’s TRX (+0.86%) trailed the pack.
Through the start of the week, the crypto total market cap rose from a Monday low $163.00bn to a Tuesday high $188.57bn. At the time of writing, the total market cap stood at $184.05bn.
Bitcoin’s dominance hit 66% levels on Monday before falling to 62% levels. On Tuesday Bitcoin’s dominance returned to 66% levels before easing back. At the time of writing, Bitcoin’s dominance stood at 65.3%.
Trading volumes jumped from $130bn levels on Monday to $168.2bn levels on Tuesday before easing back. At the time of writing, 24-hr volumes stood at $142.77bn.
At the time of writing, Bitcoin was down by 2.79% to $6,573.5. A bearish start to the day saw Bitcoin fall from an early morning high $6,762.1 to a low $6,525.5.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bearish start to the day. Bitcoin Cash SV and Tezos slid by 5.06% and 4.82% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move back through to $6,670 levels to support a run at the first major resistance level at $6,933.
Support from the broader market would be needed, however, for Bitcoin to break out from Tuesday’s high $6,840.
Barring a broad-based crypto rebound, resistance at $6,800 would likely leave Bitcoin short of the first major resistance level.
Failure to move back through to $6,670 levels could see Bitcoin fall deeper into the red.
A fall back through the morning low $6,525.5 would bring the first major support level at $6,499 into play.
Barring a broad-based crypto sell-off, however, Bitcoin should steer clear of the 23.6% FIB of $6,300.