Bitcoin rallied by 2.77% on Thursday. Reversing a 1.33% decline from Wednesday, Bitcoin ended the day at $7,440.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $7,191.0 before finding support.
Steering well clear of the first major support level at $6,948.2, Bitcoin rose to an early afternoon intraday high $7,530.9.
In spite of the breakout from $7,400 levels, Bitcoin came up short of the first major resistance level at $7,709.2.
A pullback through the afternoon saw Bitcoin slide through to sub-$7,400 levels before finding support.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact.
For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was a mixed day for the majors.
Ripple’s XRP and Binance Coin led the way, rallying by 3.53% and by 3.43% respectively.
Bitcoin Cash ABC (+2.49%), EOS (+2.24%), Ethereum (+1.84%), and Stellar’s Lumen (+1.40%) also saw solid gains.
Bitcoin Cash SV and Litecoin trailed the pack. While Litecoin rose by 0.31%, Bitcoin Cash SV fell by 0.17% to buck the trend on the day.
Through the current week, the crypto total market cap slid from $203bn levels on Monday to a Wednesday low $195.19bn before hitting a Thursday high $203.71bn. At the time of writing, the total market cap stood at $201.32bn.
Bitcoin’s dominance hit 67% levels before easing back, supported by the strong gains on the day. 24-hour trading volumes returned to $70bn levels before easing back.
At the time of writing, Bitcoin was down by 0.72% to $7,386.3. A bearish start to the day saw Bitcoin fall from an early morning high $7,440.0 to a low $7,378.8.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bearish start to the day for the majors.
With the rest of the pack in the red, Binance Coin led the way, with a 0.70% loss.
Bitcoin Cash ABC (-0.55%), Bitcoin Cash SV (-0.34%), EOS (-0.66%), Ethereum (-0.57%), and Litecoin (-0.33%) weren’t far behind.
Ripple’s XRP and Stellar’s Lumen saw limited losses early on, with the both down by 0.06%.
For the Bitcoin Day Ahead
Bitcoin would need to move back through to $7,390 levels to support a run at the first major resistance level at $7,583.6.
Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $7,440.0.
Barring a broad-based crypto rebound on the day, resistance at $7,500 would likely pin Bitcoin back.
In the event of a rebound, Thursday’s high $7,530.9 and first major resistance level would likely limit any gains.
Failure to move back through to $7,390 levels could see Bitcoin struggle on the day.
A fall back through to sub-$7,300 levels would bring the first major support level at $7,243.7 into play.
Barring a crypto meltdown, however, Bitcoin should steer clear of the second major support level at $7,047.7.
This article was originally posted on FX Empire
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