Bitcoin rose by 0.12% on Friday. Following on from a 5.13% rally on Thursday, Bitcoin ended the day at $7,508.3.
A bullish start to the day saw Bitcoin rise to a late morning intraday high $7,614 before hitting reverse.
Falling short of the first major resistance level at $7,834.53, Bitcoin slid to an early afternoon intraday low $7,420.1.
Steering clear of the first major support level at $7,102.62, Bitcoin reversed the losses to wrap up the day at $7,500 levels.
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 $10,000 levels to form a near-term bullish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Friday.
Tezos led the way, rallying by 8.56%.
Cardano’s ADA (+1.81%), Ethereum (+2.50%), EOS (+0.63%), Litecoin (+3.65%), Monero’s XMR (+2.61%), Ripple’s XRP (+0.50%), and Tron’s TRX (+1.77%) also ended the day in the green.
Binance Coin (-0.81%), Bitcoin Cash ABC (-1.13%), Bitcoin Cash SV (-1.18%), and Stellar’s Lumen (-1.65%) bucked the trend on the day.
Through the week, the crypto total market cap rose from Tuesday current week low $196.98bn to a Friday high $217.4bn. At the time of writing, the total market cap stood at $216.64bn.
While Bitcoin’s dominance continued to hover at sub-64% levels, there has been an upward trend in the week. At the time of writing, Bitcoin’s dominance stood at 63.9%.
24-hour trading volumes rose from sub-$120bn levels to a current week high $155.9bn on Friday. At the time of writing, 24-hr volumes stood at $122.51bn.
At the time of writing, Bitcoin was down by 0.09% to $7,501.9. A bearish start to the day saw Bitcoin fall from an early morning high $7,515.0 to a low $7,450.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Cardano’s ADA (+0.85%), Stellar’s Lumen (+0.29%), and Tron’s TRX (+0.42%) found early support to buck the trend.
It was bearish for the rest of the pack, however, with Bitcoin Cash SV (-0.83%) and Tezos (-0.91%) leading the way down.
Bitcoin Cash ABC and Cardano’s ADA were up by 4.64% and by 5.12% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through to $7,515 levels to bring the first major resistance level at $7,608.17 into play.
Support from the broader market would be needed, however, for Bitcoin to break back through to $7,600 levels.
Barring a broad-based crypto rally, the first major resistance level and Friday’s high $7,614 would likely cap any upside.
In the event of a breakout, the 38.2% FIB of $7,730 and the second major resistance level at $7,708.03 would likely come into play.
Failure to move through to $7,515 levels could see Bitcoin fall deeper into the red.
A fall through the morning low $7,450 would bring the first major support level at $7,414.27 into play.
Barring a crypto meltdown, however, Bitcoin should steer of the second major support level at $7,320.23.
Author: Bob Mason