It's a relatively bullish start to the week. Bitcoin would need to move back through to $7,200 levels, however, to support the pack.
Bitcoin fell by 1.87% on Sunday. Partially reversing a 3.17% gain from Saturday, Bitcoin ended the week up by 3.13% to $7,133.3.
It was a bearish end to the week for the crypto market. Bitcoin slid from an early morning intraday high $7,285.4 to an early afternoon intraday low $7,056.9.
Steering clear of the major resistance levels, Bitcoin fell through the first major support level at $7,096.7.
Finding support through the afternoon, however, Bitcoin recovered to $7,200 levels before easing back.
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.
Across the rest of the majors, it was a bearish day on Saturday.
Bitcoin Cash ABC (-4.04%), Bitcoin Cash SV (-4.81%), EOS (-4.72%), and Litecoin (-4.39%) led the way down.
Binance Coin (-3.48%), Cardano’s ADA (-3.08%), Ethereum (-3.97%), Ripple’s XRP (-3.46%), Stellar’s Lumen (-3.28%), Tezos (-3.42%), and Tron’s TRX (-3.42%) were close behind, however.
Monero’s XMR saw a more modest 1.60% loss on the day.
It was a relatively mixed week for the majors, however.
Binance Coin (+12.53%), Ethereum (+13.58%), and Tezos (+12.27%) led the way.
Cardano’s ADA (+6.35%), EOS (+4.09%), Monero’s XMR (+6.59%), and Tron’s TRX (+2.59%) trailed the front runners.
Bitcoin Cash SV (+1.33%), Litecoin (+0.67%), Stellar’s Lumen (+0.73%) also ended in the green.
Bitcoin Cash ABC ended the week flat, however, with Ripple’s XRP falling by 0.28% to buck the trend.
Through the week, the crypto total market cap rose to a week high $210.88bn on Sunday morning. A Wednesday sell-off had seen the total market cap fall to a week low $187.38bn. At the time of writing, the total market cap stood at $208.88bn.
Bitcoin’s dominance eased back from 64% levels following Thursday’s and Saturday’s broad-based crypto rallies. At the time of writing, Bitcoin’s dominance stood at 63.4%.
24-hour trading volumes rose from sub-$120bn levels to a week high $168.48bn on Thursday before easing back. At the time of writing, 24-hr volumes stood at $124.99bn.
At the time of writing, Bitcoin was up by 0.66% to $7,180.1. A mixed start to the day saw Bitcoin fall to an early morning low $7,100.0 before striking a high $7,210.2.
Bitcoin left the major support and resistance levels untested early on.
It was a bullish start to the day for the rest of the majors.
Tezos led the way early on, with a 3.28% gain.
Bitcoin would need to move through to $7,200 levels to bring the first major resistance level at $7,260.17 back into play.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $7,210.2.
Barring another broad-based crypto rally, the first major resistance level and Sunday’s high $7,285.4 would likely cap any upside.
In the event of a broad-based crypto rally, the second major resistance level at $7,387.03 would come into play.
Failure to move through to $7,200 levels could see Bitcoin hit reverse.
A fall through to sub-$7,150 levels would bring the first major support level at $7,031.67 into play.
Barring a crypto meltdown, however, Bitcoin should steer of sub-$7,000 levels.
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.