Yahoo Finance Bitcoin – $6,000 Avoided for Now as the Bulls Step in
Bitcoin gained 1.13% on Sunday, partially reversing Saturday’s 3.32% fall, to end the day at $6,255, the day’s gain bringing to an end 5 consecutive days of losses to leave Bitcoin down 14.3% for the week.
A particularly choppy day saw Bitcoin fall back to an early intraday low $6,140.5, before finding support from a broad based cryptomarket rally, the morning low steering clear of the day’s first major support level at $6,044.43 and more importantly, sub-$6,000 levels.
With a late morning rally kicking in, Bitcoin broke through the day’s first major resistance level at $6,400.43 to an intraday high $6,458.9 before succumbing to profit taking late in the day that saw Bitcoin slide back to an evening low $6,211.6.
A partial recovery in the final hour provided Bitcoin with some relatively minor gains for the day, the late in the day sell-off reflective of investor jitters ahead of this week’s EU finance minister gathering and further possible updates from the SEC and the G20 on Bitcoin ETFs and the heavily anticipated set of unified rules and regulations for G20 members.
On the news front, news of the SEC suspending exchange traded Bitcoin and Ether investment products likely contributed to the late in the day reversal, with the suspension another reminder of how influential both regulators and governments can be on the direction of Bitcoin and the broader crypto market.
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At the time of writing, Bitcoin was up 1.05% to $6,305.7, with Bitcoin managing to reverse Sunday’s late in the day sell-off in the early hours, Bitcoin rising from a start of a day morning low $6,239.9 to a morning high $6,373.7 before easing back.
In spite of a bullish start to the day, Bitcoin fell short of the day’s first major resistance level at $6,429.1, whilst also steering clear of the day’s first major support level at $6,110.7.
For the day ahead, holding above $6,285 through the morning would support another run at the morning’s $6,373.7 high to bring $6,400 levels and the day’s first major resistance level at $6,429.1 into play, though we can expect investors to be quick to lock in profits as regulators continue to leave a dark cloud over the broader market.
Failure to hold above $6,285 through the morning will likely see Bitcoin hit reverse later in the day, a pullback through the morning low $6,239.9 likely to bring sub-$6,200 levels and the day’s first major support level at $6,110.7 into play.
While Bitcoin managed to avoid sub-$6,000 levels over the weekend, an anticipated shift in the regulatory landscape is likely to be Bitcoin and the broader market’s ball and chain near-term, investors all too aware of the view regulators in key jurisdictions have on Bitcoin and the market in general.
Elsewhere Lisk was the only crypto with a notable decline in the early hours, down 2.32% at the time of writing, while the majority of the majors enjoyed solid gains at the start of the week,
This article was originally posted on FX Empire
