It's a mixed start to the day for the majors. A Bitcoin move through to $34,000 levels would support a breakout day for the broader market.
Bitcoin, BTC to USD, rallied by 7.02% on Friday. Partially reversing Thursday’s 13.06% tumble, Bitcoin ended the day at $33,058.0.
It was a bearish start to the day. Bitcoin slid to an early morning intraday low $28,989.0 before making a move.
Coming within range of the first major support level at $28,840, Bitcoin rallied to a late intraday high $33,850.0.
While falling short of the first major resistance level at $34,260, Bitcoin broke through the 23.6% FIB of $33,008.
A late pullback saw Bitcoin fall back through the 23.6% FIB of $33,008 before wrapping up the day at $33,050 levels.
The near-term bullish trend remained intact, in spite of the latest sell-off. For the bears, Bitcoin would need to slide through the 62% FIB of $18,504 to form a near-term bearish trend.
Across the rest of the majors, it was a mixed day on Friday.
Crypto.com Coin fell by 0.27% to buck the trend on the day.
It was a particularly bullish day for the rest of the majors, however.
Chainlink surged by 17.19% to lead the way, with Cardano’s ADA (+13.60%), and Ethereum (+11.07%) close behind.
Binance Coin (+6.02%) and Litecoin (+6.26%) also made solid gains.
Bitcoin Cash SV, (+2.42%), Polkadot (+0.25%) and Ripple’s XRP (+1.80%) trailed the front runners, however.
In the current week, the crypto total market cap rose to a Tuesday high $1,080.72bn before sliding to an early Friday low $812.79bn. At the time of writing, the total market cap stood at $926.91bn.
Bitcoin’s dominance rose to a Monday high 67.47% before falling to a Friday low 64.63%. At the time of writing, Bitcoin’s dominance stood at 65.20%.
At the time of writing, Bitcoin was down by 1.28% to $32,634.0. A bearish start to the day saw Bitcoin fall from an early morning high $33,036.0 to a low $32,472.0.
While leaving the major support and resistance levels untested, Bitcoin fell through the 23.6% FIB of $33,008.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV and Ripple’s XRP were up by 0.76% and by 0.07% to buck the trend early on.
It was a bearish start for the rest of the majors, however.
At the time of writing, Binance Coin was down by 1.47% to lead the way down.
Bitcoin would need to avoid a fall through the pivot level at $31,966 to bring the 23.6% FIB of $33,008 and the first major resistance level at $34,942 into play.
Support from the broader market would be needed for Bitcoin to break out from Friday’s high $33,850.0.
Barring an extended crypto rally, first major resistance level and resistance at $35,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $37,000 before any pullback. The second major resistance level sits at $36,827.
Failure to avoid a fall through the $31,966 pivot would bring the first major support level at $30,081 into play.
Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$28,000 levels and the 38.2% FIB of $27,465. The second major support level sits at $27,105.
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.