Bitcoin rallied by 5.14% on Thursday. Following on from a 5.68% breakout on Wednesday, Bitcoin ended the day at $9,791.0.
A mixed start to the day saw Bitcoin fall to an early morning low $9,266.2 before making a move.
Steering clear of the first major support level at $8,938.33, Bitcoin rallied to a late morning intraday high $9,938.7.
Bitcoin broke through the first major resistance level at $9,564.83 and the second major resistance level at $9,781.67.
Pinned back by resistance at $10,000, Bitcoin fell back through the major resistance levels before a late recovery.
The late recovery saw Bitcoin break back through the first and second major resistance levels to wrap up the day at $9,790 levels.
The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.
For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.
The Rest of the Pack
Across the rest of the majors, it was another mixed day on Thursday.
EOS rallied by 4.01% to lead the rest of the majors.
Bitcin Cash ABC (+2.08%), Bitcoin Cash SV (+1.49%), Ethereum (+1.74%), Litecoin (+1.73%), and Tron’s TRX (+1.45%) also found strong support.
Binance Coin (+0.86%), Monero’s XMR (+0.35%), and Ripple’s XRP (+0.96%) trailed the front runners.
Cardano’s ADA (-1.22%), Stellar’s Lumen (-0.96%), and Tezos (-0.22%) bucked the trend on the day.
Through the current week, the crypto total market cap rose from a Monday low $229.41bn to a Thursday high $265.28bn. At the time of writing, the total market cap stood at $260.67bn.
Bitcoin’s dominance visited sub-67% levels before recovering. At the time of writing, Bitcoin’s dominance stood at 67.5%.
24-hour trading volumes rose to an early Monday high $206.86bn before easing back to sub-$140bn levels. Interest picked up on mid-week, however, with volumes returning to $190bn levels on Thursday. At the time of writing, 24-hr volumes stood at $183.73bn.
At the time of writing, Bitcoin was down by 3.09% to $9,488.6. A bearish start to the day saw Bitcoin fall from an early morning high $9,848.9 to a low $9,260.0.
Bitcoin fell through the first major support level at $9,391.90 before finding support.
Elsewhere, it was also a bearish start to the day for the majors.
Litecoin was down by 1.91% to lead the rest of the pack into the red early on.
For the Bitcoin Day Ahead
Bitcoin would need to break back through to $9,665 levels to bring the first major resistance level at $10,064.40 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $9,938.7.
Barring a broad-based crypto rebound, however, resistance at $10,000 would likely leave Bitcoin short of the major resistance levels.
In the event of rebound, the second major resistance level at $10,337.8 could come into play.
Failure to break back through to $9,665 levels could see Bitcoin fall deeper into the red.
A fall back through the first major support level would bring the second major support level at $8,992.8 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$9,000 levels.
This article was originally posted on FX Empire
More From FXEMPIRE:
- Price of Gold Fundamental Daily Forecast – Underpinned by Hopes of Fresh US Stimulus
- S&P 500 Price Forecast – Stock Markets Stabilize
- EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 15/05/20
- Oil Gains Ground As IEA Improves Its Oil Demand Forecast
- Wall Street Shares Jump on Banking M&A Speculation
- USD/JPY Fundamental Daily Forecast – Overvalued Stocks Weighing on Dollar/Yen