A Bitcoin Return to $8,000 Would Give the Majors a Boost

It’s a positive start to the day. The Bitcoin bulls will be looking for a return to $8,000 levels to boost volumes…
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Bitcoin gained 1.25% on Wednesday. Partially reversing a 5.02% slide from Tuesday, Bitcoin ended the day at $7,789.3.

A choppy start to the day saw Bitcoin rise from a morning low $7,692.8 to a late morning intraday high $7,936.5.

Steering clear of the major support levels, Bitcoin moved back through the 23.6% FIB of $7,718 before hitting reverse.

The reversal saw Bitcoin fall back through the 23.6% FIB to an early afternoon intraday low $7,593.9.

Bitcoin managed to hold above the first major support level at $7,429.87 and move back through the 23.6% FIB and into positive territory late in the day.

Following a particularly bullish month in May, Bitcoin’s failure to move on from last week’s 2019 high $9,109 has continued to contribute to Bitcoin’s struggles at sub-$8,000.


Across the top 10 cryptos, it was a mixed bag on Wednesday for the majors.

Leading the way on Wednesday was Binance Coin, which rallied by 5.46% to cut the current week deficit to 6.89%.

Bitcoin Cash ABC came in a distant second, rising by 3.34%. Ethereum and EOS made more modest gains of 2.23% and 1.93% respectively. Ripple’s XRP ended the day flat, with just a 0.36% gain.

Bucking the trend on the day were Bitcoin Cash SV and Stellar’s Lumen. The pair ended the day down by 5.67% and by 1.31% respectively.

It’s been a particularly choppy week, with Bitcoin Cash SV the only top 10 cryptos to sit in positive territory. For the current week, Monday through Wednesday, Bitcoin Cash SV was up by 14.2%.

Leading the majors on the slide was EOS, which was down by 16.93%. Bitcoin (-10.9%), Bitcoin Cash ABC (-10.6%) and Stellar’s Lumen (-11%) also saw double-digit losses through the first half of the week.

24-hour trading volumes slid back from $80bn levels from Tuesday to $71bn levels in the early hours of this morning.

The bearish first half of the week left the total crypto market cap at $250.1bn at the time of writing, down from $275.9bn on late Sunday.

This Morning,

At the time of writing, Bitcoin was up by 0.63% to $7,838.3. A positive start to the day saw Bitcoin rise from a morning low $7,757.0 to a high $7,866.7 before easing back.

The relatively range-bound start to the day saw Bitcoin leave the major support and resistance levels untested.

Elsewhere, it was a mixed bag for the top 10. Bitcoin Cash SV and EOS saw red early on, falling by 2.95% and by 0.22% respectively.

The rest of the majors were in positive territory, with Binance Coin leading the way, up by 1.96% at the time of writing.

For the day ahead

Bitcoin would need to hold onto $7,800 levels through the morning to support a run at the first major resistance level at $7,952.57.

Support from the broader market would be needed, however, for Bitcoin to break through to $7,900 levels.

Barring a broad-based crypto rally, Bitcoin will likely fall short of the second major resistance level at $8,115.83. Wednesday’s high $7,936.5 and the first major resistance level would likely pin Bitcoin back on the day.

Failure to hold onto $7,800 levels could see Bitcoin hit reverse. A fall through the morning low $7,757.0 would bring $7,600 levels and the first major support level at $7,609.97 into play.

Barring a crypto meltdown, we would expect Bitcoin to steer clear of sub-$7,600 levels on the day.

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