Bitcoin trailed the majors through the week as $11,000 proved to be a step too far.
Bitcoin fell by 1.59% on Sunday. Reversing most of a 2.11% gain from Saturday, Bitcoin ended the day at $10,569.4.
Bearish through the morning, Bitcoin fell from an early intraday high $10,812 to an early afternoon intraday low $10,300.
Coming up short of the first major resistance level at $11,102, Bitcoin fell through the first major support level at $10,374.
Finding support through the afternoon, Bitcoin managed to recover to $10,640 levels before easing back at the day end.
The loss on the day left Bitcoin with a 3.63% gain for the week.
Bitcoin’s market cap struck a week high $196.72bn on Tuesday before falling to a week low $163.74bn on Wednesday. A Thursday 9.7% rally supported a move back to $189.12bn by the end of the week.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was a mixed bag for the majors on the day.
Bucking the trend on the day were Bitcoin Cash SV, Tron’s TRX and EOS. Bitcoin Cash SV rallied by 3.19%, while Tron and EOS rose by 0.35% and by 0.29% respectively.
It was red for the rest of the pack. Binance Coin led the way down, sliding by 2.25%. Bitcoin Cash ABC and Ethereum also saw relatively heavy losses. The pair ended the day down by 1.65% and 1.4% respectively.
In spite of the Sunday pullback, the majority of the majors saw solid gains for the week. Bitcoin Cash SV led the way, rallying by 39.46%. Also seeing strong gains were Tron’s TRX (+15.48%), Bitcoin Cash ABC (+13.84%), and Litecoin (+11.19%).
Bucking the trend for the week was Ethereum, which fell by 0.14%.
Bitcoin’s dominance held on to 65% levels in spite of the more modest gains through the week.
Over the week, the total crypto market cap recovered from a Wednesday low $248.64bn to $289.81bn at the time of writing.
At the time of writing, Bitcoin was down by 0.08% to $10,561. A relatively range-bound start to the day saw Bitcoin fall from an early morning high $10,672 to a low $10,505.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Bitcoin Cash SV (-2.35%) and Bitcoin Cash ABC (-1.34%) saw heavy losses early on.
On the rise were Tron’s TRX and Binance Coin, which were up by 1.49% and 1.11% respectively.
For the Day Ahead
Holding onto $10,500 levels through the morning would support another run at the first major resistance level at $10,820.93.
Bitcoin would need the support of the broader market, however, to break out from $10,700 levels.
In the event of a broad-based crypto rally, Bitcoin could test the second major resistance level at $11,072.47 before any pullback.
Failure to hold onto $10,500 levels could see Bitcoin slide deeper into the red. A fall through the morning low $10,505 would bring the first major support level at $10,308.93 into play.
Barring a crypto meltdown, Bitcoin should steer well clear of the second major support level at $10,048.47.
This article was originally posted on FX Empire
More From FXEMPIRE:
- Oil Price Fundamental Daily Forecast – Demand Worries Erase Yesterday’s Speculative Gains
- EUR/USD Mid-Session Technical Analysis for July 23, 2019
- Markets Rise On Earnings, Boris Johnson Tapped For UK PM, Chips Lead In Asia
- European Equities: Geopolitics and Corporate Earnings in Focus
- Delving into US Dollar world
- Gold Under Pressure Amid Firm Dollar, U.S. Debt Ceiling Deal