Yahoo Finance Bitcoin – The Bull Bear Battle Rages On
Bitcoin gained 1.9% on Tuesday, partially reversing Monday’s 2.94% fall, to end the day at $7,630.9.
An early morning reversal came off the back of Monday’s downward momentum, with Bitcoin pulling back from the 38.2% FIB Retracement Level at $7,497 to an intraday low $7,372 to test the day’s first major support level at $7,373.67 in the early hours before recovering in the early afternoon.
A second half of the day rally saw Bitcoin move back through the 38.2% FIB Retracement Level of $7,497 and the 23.2% FIB Retracement Level of $7,605 to an intraday high $7,675, coming within reach of the day’s first major resistance level at $7,686.57 before easing back to the day’s ending $7,630.9.
For the Bitcoin bulls, the second half of the day was particularly poignant, with a move back through the retracement levels key to supporting the near-term bullish trend formed at 29th May’s swing lo $7,040, while Bitcoin sat some way off its 3rd June swing hi $7,779.
There’s been no particularly negative news to impact the cryptomarkets, with investors likely to be getting jittery as the summer of discontent approaches, an anticipated rollout of regulations across key crypto jurisdictions having contributed to the upward limits and sharp pullbacks in recent months.
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At the time of writing, Bitcoin was down 0.02% to $7,620 in what has been another choppy start to the day for Bitcoin and the broader cryptomarket.
An early morning dip to an intraday low $7,566.1 saw Bitcoin pullback through the 23.6% FIB Retracement Level of $7,605 before support kicked in. Bitcoin managed to avoid the day’s first major support level at $7,443.6 in the early hours, with the FIB Retracement Levels likely to play a key role in Bitcoin’s moves through the day and remainder of the week, as the bulls and bears battle on for control.
The morning’s high $7,698 in the last hour saw Bitcoin attempt to break clear from the broader market sentiment that has seen just NEM’s XEM buck the trend amongst the majors, with Bitcoin’s morning high falling short of the day’s first major resistance level at $7,746.6, Bitcoin likely to face increased resistance at $7,700.
For the day ahead, holding above the 23.6% FIB Retracement Level of $7,605 would support another run at $7,700 levels, though the level of resistance at $7,700 will likely be dictated by sentiment across the broader market that is skewed to the negative at the time of writing.
Failure to break through $7,700 levels to test the day’s first major support level at $7,746.6 would likely see Bitcoin pullback through the 23.6% FIB Retracement Level of $7,605 to test support at the 38.2% FIB Retracement Level of $7,497 and bring the day’s first major support level at $7,443.6 into play, any pullback through to $7,400 levels bringing into question the near-term bullish trend.
Elsewhere in the cryptomarket, Bitcoin Cash and Cardano’s ADA saw the greatest declines early on, down 1.9% and 1.82% respectively, with NEM’s XEM on its own in positive territory and likely to struggle to hold on should sentiment not improve quickly.
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This article was originally posted on FX Empire
