It's a positive start to the day for the majority of the majors. Bitcoin will need to return to $7,300 levels to avoid a reversal, however.
Bitcoin rose by 0.17% on Thursday. Partially reversing a 0.78% fall from Wednesday, Bitcoin ended the day at $7,232.4.
A bearish start to the day saw Bitcoin fall to a mid-morning low $7,195.7 before making a move.
Steering clear of the first major support level at $7,124.13, Bitcoin rallied to an early evening intraday high $7,465.0.
Bitcoin broke through the first major resistance level at $7,305.13 and the second major resistance level at $7,390.17.
A late sell-off saw Bitcoin slide back to a late intraday low $7,181.8 before finding support.
Steering clear of the first major support level, Bitcoin moved back through to $7,200 levels to end the day in the green.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of Bitcoin continuing to hold onto $7,000 levels.
For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.
Across the rest of the top 10 cryptos, it was a mixed day for the majors.
Tezos and Litecoin bucked the trend on the day, with the pair falling by 2.62% and by 0.30% respectively.
The rest of the pack saw green, with Bitcoin Cash ABC rising by 1.73% to lead the way.
Bitcoin Cash SV (+1.20), EOS (+1.65%), Stellar’s Lumen (+1.22%), and Tron’s TRX (+1.44%) also saw solid gains.
It was a more muted day for the rest, however. Binance Coin rose by 0.46%, with Ethereum and Ripple’s XRP up by 0.42% and 0.61% respectively.
Through the current week, the crypto total market cap hit a Monday high $200.48bn before sliding to a low $189.60bn on Thursday. At the time of writing, the total market cap stood at $190.61bn.
Bitcoin’s dominance continued to sit at 68% levels on Thursday. Trading volumes continued to fall short of $90bn levels seen on Monday, however. At the time of writing, volumes were at $75bn levels.
At the time of writing, Bitcoin was up by 0.31% to $7,255.0. A relatively bullish start to the day saw Bitcoin rise from an early morning low $7,224.5 to a high $7,275.1.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, EOS led the way early on, rallying by 1.67%. Bitcoin Cash ABC (+1.20%), Bitcoin Cash SV (+1.38%), and Tezos (+1.04%) also found strong support.
Binance Coin (+0.45%), Ethereum (+0.65%), Litecoin (+0.48%), and Stellar’s Lumen (+0.22%) saw more modest gains.
Bucking the trend early, however, were Ripple’s XRP (-0.01%) and Tron’s TRX (-0.12%).
Bitcoin would need to move through to $7,295 levels to support a run at the first major resistance level at $7,404.33.
Support from the broader market would be needed, however, for Bitcoin to break back through to $7,300 levels.
Barring an extended rally, the first major resistance level and Thursday’s high $7,465.0 would likely continue to cap any upside on the day.
Failure to move through to $7,295 levels could see Bitcoin hit reverse.
A fall back through the morning low $7,224.5 would bring the first major support level at $7,121.13 into play.
Barring a broad-based sell-off, however, Bitcoin should steer clear of the second major support level at $7,009.87.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.