The Crypto Week – The Bulls Fight Back
The crypto majors found some much-needed relief this week, with Bitcoin managing to reverse losses from earlier in the month to move into the green for June.
Bitcoin rose by 1.92% on Saturday. Following on from a 5.61% rally on Friday, Bitcoin ended the day at $8,856.0.
A relatively range-bound morning saw Bitcoin rise from an early intraday low $8,607.2 to a mid-morning high $8,750.0.
Falling short of the first major resistance level at $8,885.43, Bitcoin fell back to $8,600 levels before striking an early afternoon intraday high $8,930.0.
The afternoon rally saw Bitcoin break through the first major resistance level at $8,885.43 before falling back to $8,700 levels. Support late in the led to a move back through to $8,800 levels ahead of the day end.
For the current week, Monday through Saturday, Bitcoin was up by 16% supported by 5 days in the green. A 5.05% gain on Monday set the tone for the week, with Bitcoin managing to avoid sub-$8,000 levels since Wednesday.
The Rest of the Pack,
Across the rest of the top 10 cryptos, it was bullish for all but one of the majors. Bucking the trend on the day was Bitcoin Cash SV, which fell by 1.39%. In spite of the Saturday pullback, Bitcoin Cash SV was up by 15.6%, Monday through Saturday.
Across the rest of the majors, EOS led the way on Saturday, rallying by 5.23%, with Litecoin close behind, up by 4.36%.
Trailing the pack was Bitcoin Cash ABC, with a gain of just 0.36%.
For the current week, Litecoin led the way, rallying by 20.5%. Ethereum and EOS also saw double-digit gains alongside Bitcoin and Bitcoin Cash SV. The pair were up by 16.4% and 12.4% respectively, Monday through Saturday.
The current week rally saw the total crypto market cap rise from a start of a week $244.14bn to $280.43bn at the time of writing.
24-hour trading volumes also picked up, rising from $57bn levels at the start of the week to $62bn levels at the time of writing.
There were no major news events to support the upward moves, whilst Litecoin continued to be in demand ahead of this summer’s halving.
Bitcoin is expected to follow suit, with its halving event forecasted for next May.
At the time of writing, Bitcoin was up by 1.5% to $8,989.2. Recovering from an early dip to a morning low $8,801.0, Bitcoin rallied to a morning high $9,024.0.
The early rally saw Bitcoin break through the first major resistance level at $8,988.27 before easing back to sub-$9,000 levels.
Elsewhere, Ripple’s XRP also found strong support early on, rising by 1.86%.
Bucking the trend early on was Litecoin, which was down by 1.21%. Bitcoin Cash SV was also in the red, down by 0.32% at the time of writing.
For the Day Ahead,
Bitcoin would need to hold onto $8,900 levels through the morning to support further upside on the day.
A move back through to $9,000 levels would bring the 30th May’s swing hi $9,109 and the first major resistance level at $9,120.53 into play.
Bitcoin would need support from the broader market, however, to break out from this morning’s high $9,024.0.
Failure to hold onto $8,900 levels through the morning could see Bitcoin test the first major support level at $8,665.47.
Barring a crypto meltdown, Bitcoin should steer clear of sub-$8,500 support levels on the day.