FXEMPIRE
All
Ad
Advertisement
Advertisement
Bob Mason
Add to Bookmarks
Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple

Bitcoin, BTC to USD, rose by 2.43% on Sunday. Following on from a 9.65% rally on Saturday, Bitcoin ended the week up by 25.6% to $32,968.0.

Advertisement
Know where Bitcoin is headed? Take advantage now with 

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

It was a mixed start to the day. Bitcoin fell to an early morning intraday low $31,975.0 before making a move.

Steering clear of the first major support level at $29,691, Bitcoin surged to a mid-morning intraday high and a new swing hi $34,873.0.

Bitcoin broke through the first major resistance level at $33,983 to test resistance at $35,000 before hitting reverse.

The reversal saw Bitcoin fall back to $32,200 levels before finding support.

Avoiding negative territory, Bitcoin revisited $33,800 levels before falling back to sub-$33,000 levels. The first major resistance level at $33,983 had pinned Bitcoin back late in the day.

The near-term bullish trend remained intact, supported by the latest breakthrough to $34,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $15,794 to form a near-term bearish trend.

The Rest of the Pack

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

Crypto.com Coin fell by 8.76% to buck the trend on the day.

It was a bullish day for the rest of the majors, however.

Ethereum surged by 26.5% to lead the way.

Cardano’s ADA (+16.3%), Chainlink (+12.18%), and Litecoin (+17.8%) also impressed on the day.

Binance Coin (+7.96%), Bitcoin Cash SV (+5.42%), Polkadot (+7.18%), and Ripple’s XRP (+1.85%) trailed the front runners on the day.

For the week, it was a mixed bag for the crypto majors, however.

Ethereum and Polkadot surged by 43.3% and by 56.8% respectively to lead the way.

Binance Coin (+23.0%), Cardano’s ADA (+33.7%), Chainlink (+12.9%), and Litecoin (+26.5%) also made solid gains.

Bitcoin Cash SV (+5.8%) and Crypto.com Coin (+3.5%) trailed the front runners with modest gains.

Ripple’s XRP fell by 20.6%, however, to buck the trend in the week.

In the week, the crypto total market cap fell to a Tuesday low $678.76bn before rising to a Sunday high $924.85bn. At the time of writing, the total market cap stood at $867.05bn.

Bitcoin’s dominance fell to a Monday low 69.13% before rising to a Sunday high 73.63%. At the time of writing, Bitcoin’s dominance stood at 70.14%.

Advertisement

This Morning

At the time of writing, Bitcoin was down by 0.90% to $32,671.0. A mixed start to the day saw Bitcoin rise to an early morning high $33,054.4 before falling to a low $32.352.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (+0.37%), Cardano’s ADA (+4.73%), Chainlink (+2.44%), and Polkadot (+0.31%) found early support to buck the trend early on.

It was a bearish start for the rest of the majors, however.

At the time of writing, Bitcoin Cash SV was down by 2.62% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $33,272 to bring the first major resistance level at $34,569 into play.

Support from the broader market would be needed for Bitcoin to break back through to $34,000 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $34,873.0 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $37,000 before any pullback. The second major resistance level sits at $36,170.

Failure to move through the $36,272 pivot would bring the first major support level at $31,671 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$31,000 levels. The second major support level sits at $30,374.

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

Trade With A Regulated Broker