Bitcoin gained 1.05% on Sunday, following Saturday’s 1.56% rise, to end the week up 5.16% to $7,718.
A choppy start to the day saw Bitcoin hit $7,668.1 before an early intraday low $7,600 that held well above the day’s first major support level at $7,486.8, leading to a mid-morning rally to an intraday high $7,779, breaking through the 23.6% FIB Retracement Level of $7,738 to test the day’s first major resistance level at $7,744.1 before easing back into a relatively range bound afternoon.
The hold at $7,600 was key for Bitcoin through the early part of the day, while Bitcoin’s gains continued to lag the majors and those of Bitcoin Cash in particular.
For the Bitcoin bulls, the good news was Bitcoin striking $7,700 and not only testing the day’s first major resistance level, but also selling pressure at the 23.6% FIB Retracement Level at $7,738 that had been left untouched since the 24th May, which was also the last time that Bitcoin had hit $8,000 levels.
While Bitcoin’s gains may not have been as spectacular as some of its peers, the moves from 29th May’s swing lo $7,040 supports a near-term bullish trend, though Bitcoin will need to hold at around the $7,700 level to avoid a snap back and resumption of the extended bearish trend formed at 5th May’s swing hi $9,999.
On the news front, there was very little to get in the way of the recent upward trend though caution is still needed until there is greater clarity on the intentions of governments and regulators in key jurisdictions on the degree of cryptomarket oversight needed.
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At the time of writing, Bitcoin was down 1.41% to $7,609.3, with a start of the day $7,764.0 high falling short of the day’s first major resistance level at $7,798, leading to a pullback through the morning, with Bitcoin calling on support at the 23.6% FIB Retracement Level of $7,605 to avoid giving up $7,600 levels, Bitcoin having found little support at the day’s first major support level at $7,619.
It’s a sea of red on the cryptomarket’s leader board, though Bitcoin and Bitcoin Cash have seen modest losses relative to their peers in the early hours of the morning.
For the day ahead, a move back through to $7,700 levels will be needed to bring the day’s first major resistance level at $7,798 into play, the bulls now eyeing a return to $8,000 levels, though the near-term bullish trend will need to resume quickly to avoid a reversal and resumption of the extended bearish trend that would bring sub-$7,000 levels back into play.
Failure to move back through the day’s first major support level to $7,700 levels could see Bitcoin face heavier selling pressure later in the day to bring the day’s second major support level at $7,520 into play, with any testing of support at the 38.2% FIB Retracement Level of $7,497 likely to test the legs of the near-term bullish trend.
The start of the week moves across the cryptomarket suggest that $8,000 levels may be off the cards in the near-term for Bitcoin, though it wouldn’t be the first time that Bitcoin rebounds through the middle part of the day.