Bitcoin fell by 1.00% on Thursday. Partially reversing a 2.29% gain from Wednesday, Bitcoin ended the day at $7,293.7.
It was a relatively choppy day on Thursday. Bitcoin fell from an early morning intraday high $7,370.7 to a mid-morning low $7,254.6 before finding support.
Steering clear of the major support and resistance levels, Bitcoin recovered to $7,300 levels before hitting reverse.
The reversal saw Bitcoin slide to a mid-day intraday low $7,117.0 before finding support.
Bitcoin fell through the first major support level at $7,205.73 before returning to $7,300 levels.
Resistance at $7,300 ultimately pinned Bitcoin back late in the day, however.
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 Thursday.
Monero’s XMR and Stellar’s Lumen bucked the trend, with gains of 1.10% and 2.06% respectively.
It was a bearish day for the rest of the pack. Bitcoin Cash ABC slid by 4.02% to lead the way down.
Bitcoin Cash SV (-1.68%), Ethereum (-2.12%), Ripple’s XRP (-1.83%), Tezos (-1.68%), and Tron’s TRX (-1.63%) also saw relatively heavy losses.
Binance Coin (-0.60%), Cardano’s ADA (-0.63%), EOS (-0.49%), and Litecoin (-0.64%) saw modest losses on the day.
Through the current week, the crypto total market cap rose from a Monday low $190.55bn to a Tuesday high $211.57bn. A choppy mid-week saw the total market cap fall back to $203bn levels before recovering. At the time of writing, the total market cap stood at $208.50bn.
Bitcoin’s dominance eased back from 65% levels seen on Monday. At the time of writing, Bitcoin’s dominance stood at 64.0%.
24-hour trading volumes recovered from sub-$100bn levels to hit $171bn levels on Tuesday before easing back. At the time of writing, 24-hr volumes stood at $122.26bn.
At the time of writing, Bitcoin was up by 0.03% to $7,295.7. A mixed start to the day saw Bitcoin fall to an early morning low $7,261.0 before striking a high $7,299.8.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash ABC and EOS were up by 0.46% and by 0.50% respectively to lead the way.
Bitcoin Cash SV (-0.02%), Tezos (-0.12%), and Tron’s TRX (-0.64%) saw red early on to buck the trend.
For the Bitcoin Day Ahead
Bitcoin would need to move through to $7,300 levels to bring the first major resistance level at $7,403.93 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $7,370.7.
Barring another crypto rally, the first major resistance level at $7,403.93 and Thursday’s high would likely pin Bitcoin back.
Failure to move back through to $7,300 levels could see Bitcoin fall back into the red.
A fall back through to sub-$7,260 levels would bring the first major support level at $7,150.23 into play.
Barring an extended crypto sell-off, however, Bitcoin should continue to steer of sub-$7,100 support levels.
This article was originally posted on FX Empire
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