Bitcoin gained just 0.15% on Sunday, following Saturday’s 5.48% tumble, to end the week down 14.55% to $7,023.9.
Moves through the early part of the day saw Bitcoin continue to call on support at sub-$7,000 levels, with Bitcoin falling through the first major support level at $6,912.6 to an early morning intraday low $6,890 before recovering to $7,000 levels through the late morning.
The afternoon failed to deliver a weekend rally for the Bitcoin bulls, with a recovery from a second slide through the first major support level to an afternoon low $6,896.1 leaving Bitcoin relatively flat for the day and trailing the majors, not just on the day, but for the week.
While Bitcoin managed to hold above the 23.6% FIB Retracement Level of $6,757 and hold on to $7,000, the extended bearish trend formed at 5th May’s swing hi $9,999 remained intact, the latest pullback from $8,000 levels seeing Bitcoin’s bullish trend reverse through the last week.
On the day, the news wires were on the quieter side, providing much needed support to Bitcoin and the broader markets, though Sunday’s moves reflected investor sentiment and concerns over what lies ahead for the broader cryptomarket.
News of yet another fraudulent ICO in South Korea did little damage to sentiment across the broader market on Sunday, with the recent slide across the cryptos coming off the back of an expectation that the South Korean government will go ahead and roll out policies ahead of the G20’s delayed unified rules and regulations later in the year.
At the time of writing, Bitcoin was up 0.84% to $7,084.8, upward momentum from Sunday afternoon continuing into the early hours of this morning, with Bitcoin moving through the first major resistance level at $7,112.6 to an intraday high $7,153.6 before easing back to sub-$7,100 levels.
A start of a day $7,020 low saw Bitcoin steer clear of the first major support level at $6,912.6 and more importantly continue to hold above the 23.6% FIB Retracement Level of $6,757.
For the day ahead, a move back through to $7,100 levels would bring the day’s first major resistance level at $7,112.6 and second major resistance level at $7,201.3 into play, though for Bitcoin to find strong support through the afternoon, a pullback to sub-$7,000 levels will need to be avoided.
Failure to move back through to $7,100 levels could see Bitcoin hit reverse later in the day, with any fall to sub-$7,000 levels bringing the first major support level at $6,912.6 into play, with sentiment across the broader market to dictate whether the day’s second major support level at $6,801.3 and the 23.6% FIB Retracement Level of $6,757 will come into play before any recovery.