FXEMPIRE
All
Corona Virus
Stay Safe, FollowGuidance
World
11,732,880Confirmed
540,136Deaths
6,636,902Recovered
Fetching Location Data…
Advertisement
Advertisement
Bob Mason
Golden bitcoins on the black background closeup. Cryptocurrency virtual money

Bitcoin fell by 1.68% on Friday. Partially reversing a 4.11% rally from Thursday, Bitcoin ended the day at $9,426.1.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $9,618.8 before hitting reverse.

Falling short of the first major resistance level at $9,773.67, Bitcoin fell to a mid-afternoon intraday low $9,352.0.

Steering clear of the first major support level at $9,261.57, Bitcoin recovered to $9,400 levels to limit the loss.

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 the 62% FIB of $10,034 to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day for the majors on Friday.

Ethereum and Tezos bucked the trend on the day, with gains of 0.10% and 1.32% respectively.

It was a bearish day for the rest of the pack, however.

Stellar’s Lumen and Monero’s XMR fell by 2.20% and by 1.96% respectively to lead the way down.

Bitcoin Cash SV (-1.28%), Ripple’s XRP (-1.57%), and Tron’s TRX (-1.08%) weren’t far behind.

Binance Coin (-0.53%), Bitcoin Cash ABC (-0.84%), Cardano’s ADA (-0.52%), EOS (-0.02%), and Litecoin (-0.63%) saw relatively modest losses.

In the current week, the crypto total market cap fell to an early Monday low $238.04bn before rising to an early Friday high $263.53bn. At the time of writing, the total market cap stood at $258.16bn.

Bitcoin’s dominance fell to a Monday low 66.38% before Thursday 69.54% spike. At the time of writing, Bitcoin’s dominance stood at 66.99%.

Advertisement

This Morning

At the time of writing, Bitcoin was down by 0.44% to $9,384.6. A bearish start to the day saw Bitcoin fall from an early morning high $9,430.3 to a low $9,366.0.

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

Elsewhere, it was a mixed start to the day.

Tron’s TRX bucked the trend at the time of writing, with a 0.09% gain.

It was a bearish start to the day for the rest of the pack, however, which joined Bitcoin in the red.

Tezos led the way early on, with a 0.99% loss.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $9,470 levels to bring the first major resistance level at $9,579.27 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,500 levels.

Barring a broad-based crypto rebound, resistance at $9,500 would likely leave Bitcoin short of the first major resistance level.

In the event of another extended crypto rally, the second major resistance level at $9,732.43 would likely come into play.

Failure to move through to $9,470 levels could see Bitcoin fall deeper into the red.

A fall back through the morning low $9,366.0 would bring the first major support level at $9,312.47 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer well clear of the second major support level at $9,198.83.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Trade With A Regulated Broker

  • Your capital is at risk