Bitcoin fell by 0.30% on Friday. Following on from a 1.51% slide from Thursday, Bitcoin ended the day at $9,073.2.
It was a relatively range-bound day for Bitcoin. A bullish start to the day saw Bitcoin rise to a late morning intraday high $9,135.5 before pulling back.
Falling well short of the first major resistance level at $9,260.8, Bitcoin slid to a late morning intraday low $9,056.7.
Steering clear of the first major support level at $8,944.6, Bitcoin moved back through to $9,130 levels before easing back.
A bearish end to the day left Bitcoin in the red.
The near-term bullish trend remained intact in spite of the recent pullback to sub-$9,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Friday.
Cardano’s ADA reversed Thursday’s slide, with a 3.87% gain to lead the way.
Bitcoin Cash SV (+0.70%), EOS (+2.46%), Litecoin (+0.22%), Ripple’s XRP (+1.02%), and Tron’s TRX (+0.78%) also found support.
It was bearish for the rest of the majors, however.
Binance Coin (-0.59%), Bitcoin Cash ABC (-0.44%), Ethereum (-0.61%), Monero’s XMR (-3.48%), Stellar’s Lumen (-0.40%), and Tezos (-2.41%) struggled on the day.
Through the current week, the crypto total market cap rose to a Wednesday high $260.82bn before falling to a Thursday low $249.45bn. At the time of writing, the total market cap stood at $254.5bn.
Bitcoin’s dominance rose to a Monday high 66.29% before falling to a Friday low 65.39%. At the time of writing, Bitcoin’s dominance stood at 65.63%.
At the time of writing, Bitcoin was down by 0.04% to $9,069.2. A mixed start to the day saw Bitcoin fall to an early morning low $9,063.2 before rising to a high $9,086.6.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it’s a mixed start to the day.
Binance Coin (-0.34%), Ethereum (-0.03%), Monero’s XMR (-0.02%), Stellar’s Lumen (-0.01%), and Tezos (-0.20%) joined Bitcoin in the red.
It was a bullish start to the day for the rest of the majors. At the time of writing, Cardano’s ADA was up by 1.72% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $9,090 pivot to support a run at the first major resistance level at $9,120.23.
Support from the broader market would be needed, however, for Bitcoin to break back through to $9,100 levels.
Barring an extended crypto rebound, the first major resistance level and Friday’s high $9,135.5 would likely cap any upside.
In the event of a crypto breakout, Bitcoin should break through the second major resistance level at $9,167.27 before any pullback.
Failure to move through the $9,090 pivot level could see Bitcoin struggle on the day.
A fall back through Friday’s low $9,056.7 would bring the first major support level at $9,041.43 into play.
Barring an extended crypto sell-off, Bitcoin should avoid sub-$9,000 and the 23.6% FIB of $8,900. The second major support level at $9,009.67 should limit any downside on the day.
This article was originally posted on FX Empire
More From FXEMPIRE:
- S&P 500 Price Forecast – Stock Markets Fail at Exhaustion Point
- Gold Weekly Price Forecast – Gold Markets Form Neutral Candle
- USD/JPY Weekly Price Forecast – US Dollar Continues to Migrate Around Same Level
- The Weekly Wrap – Positive Economic Data Supported Riskier Assets in the Week
- European Equities: A Week in Review – 04/07/20
- USD/CAD Daily Forecast – Range-Bound Trading Continues