Bitcoin rallied by 2.77% on Sunday. Following on from a 0.73% gain on Saturday, Bitcoin ended the week up by 8.53% to $10,151.0.
A bullish start to the day saw Bitcoin rally from an early morning intraday low $9,871.1 to a mid-morning intraday high $10,165.0.
Bitcoin broke through the first major resistance level at $9,979.4 and the second major resistance level at $10,081.6.
A mid-afternoon pullback saw Bitcoin fall back through the major resistance levels before bouncing back.
The late bounce back saw Bitcoin break back through the first and second major resistance levels to wrap up the day at $10,100 levels.
Bitcoin steered well clear of the major support levels throughout the day.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, however, in spite of the upward momentum.
For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was a bullish end to the week for the crypto majors.
Tezos and Binance Coin led the way with rallies of 15.04% and 11.87% respectively.
Bitcoin Cash SV (+4.15%), EOS (+5.22%), and Monero’s XMR (+8.63%) also made strong gains.
Bitcoin Cash ABC (+0.79%), Cardano’s ADA (+3.36%), Ethereum (+2.44%), Litecoin (+0.51%), Ripple’s XRP (+1.92%), Stellar’s Lumen (+2.38%), and Tron’s TRX (+1.13%) saw more modest gains.
For the week, Binance Coin and Tezos led the way, with gains of 32.74% and 37.82% respectively. In the week, Tezos returned to the top 10 by market cap.
Bitcoin Cash ABC (+19.80%), Bitcoin Cash SV (+26.6%), EOS (+18.38%), Ethereum (+21.56%), Monero’s XMR (+17.28%), Stellar’s Lumen (+15.30%), and Tron’s TRX (+15.55%) also made particularly strong gains.
Cardano’s ADA (11.48%), Litecoin (+10.34%), and Ripple’s XRP (+12.30%) trailed the pack in the week.
Through the current week, the crypto total market cap rose from a Tuesday low $254.52bn to a Sunday high $289.97bn. At the time of writing, the total market cap stood at $290.50bn.
Having fallen back from 66% levels, Bitcoin’s dominance slipped further back to sub-64% levels over the weekend. More marked gains across the broader market pinned Bitcoin back. At the time of writing, Bitcoin’s dominance stood at 63.6%.
Trading volumes were on the up, rising to $146bn levels on Thursday before easing back. At the time of writing, 24-hr volumes stood at $132.73bn.
At the time of writing, Bitcoin was down by 0.06% to $10,145.0. A bearish start to the day saw Bitcoin fall from an early morning high $10,187.0 to a low $10,129.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV (-1.03%) and Monero’s XMR (-1.17%) led the way down.
Binance Coin (-0.38%), Bitcoin Cash ABC (-0.73%), Cardano’s ADA (-0.62%), EOS (-0.30%), Ethereum (-0.23%), Ripple’s XRP (-0.10%) and Tron’s TRX (-0.24%) also saw red.
Litecoin (+0.17%), Stellar’s Lumen (+0.83%), and Tezos (+0.81%) bucked the trend early on.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the morning high $10,187.0 to bring the first major resistance level at $10,253.63 into play.
Support from the broader market would be needed, however, for Bitcoin to break through to $10,200 levels.
Barring a broad-based crypto rally day, the first major resistance level would likely limit any upside on the day.
In the event of another breakout, the second major resistance level at $10,356.27 and $10,500 levels could come into play.
Failure to move back through the morning high $10,287.0 could see Bitcoin fall deeper into the red.
A fall back through the morning low $10,129.0 to sub-$10,062 levels would bring the first major support level at $9,959.73 into play.
Barring a crypto sell-off, however, Bitcoin should steer clear of the sub-$9,900 on the day.
This article was originally posted on FX Empire
More From FXEMPIRE:
- The Week Ahead: Stats, Geopolitics and Monetary Policy Put the USD, GBP and Kiwi Dollar in Focus
- U.S Mortgage Rates See Red for a 3rd Consecutive Week
- The Crypto Daily – Movers and Shakers – 10/02/20
- EUR/USD Forex Technical Analysis – Major Downside Targets Emerge on Charts at 1.0879 and 1.0838
- US Stocks: Traders Shrug-Off Coronavirus Concerns as Focus Remains on Earnings, Upbeat US Economy
- Oil Price Fundamental Weekly Forecast – Russia Decision on Production Cuts Will Be Market Moving Event