Bitcoin gained 1.5% on Saturday, following Friday’s 0.34% fall, to end the day at $8,007.1, the first $8,000 level close since the 27th March.
A morning rally through to an intraday high $8,185 broke through the day’s first major resistance level of $8,170, leading to a pull back to a day low $7,859 before support kicked in for Bitcoin to move back through to $8,000 levels.
The morning’s low steered clear of the day’s first major support level of $7,669.33, while calling on support at the 23.6% FIB Retracement Level of $7,829.4, with a more positive sentiment across the broader markets seeing Bitcoin and the rest of the majors avoid a major reversal following Thursday’s rally.
While investors are still expecting a shift in the regulatory landscape, the fact that the likes of George Soros are now eyeing up the cryptocurrency market has been a positive, with family office money now exploring the asset class, providing further evidence that Bitcoin and the rest of the cryptos are more than just a bubble.
The collapse from December’s highs through the 1st quarter certainly did the trick and, while talks of Bitcoin $40,000 may be a little overzealous, the fact that the chatter is now of an end to the extended bear run will likely draw more side lined investors into market, though some caution is still required, governments and regulators more than capable of causing a shock.
At the time of writing, Bitcoin was up 1.11% to $8,095.1, with Bitcoin seeing some bullish moves in the early part of the morning, an $8,160 high being followed up with an intraday
$8,169 high before easing back, with the morning’s high coming within reach of the day’s first major resistance level of $8,175.6, Bitcoin having broken out from the 23.6% FIB Retracement Level of $7,829.4 through the early part of the weekend.
A $7,997.2 low tested support at the $8,000 psychological level at the start of the morning, with Bitcoin’s bounce to $8,100 levels reflective of the strong support as the weekend comes to a close.
For the day ahead, a move back through the morning’s $8,169 high would support a run at the day’s first major resistance level of $8,175.6, with the Bitcoin bulls looking to put some daylight between $8,000 and Monday’s open.
Failure to make a run at the morning’s high could see some pullback in the middle part of the day, with support at the $8,000 psychological level likely to be tested, bringing the day’s first major support level of $7,849.6 and the 23.6% FIB Retracement Level of $7,829.4 into play, which should provide the necessary support to prevent any more significant losses for the day.
With Bitcoin continuing to be the cryptomarket’s barometer, the morning’s gains supported the rest of the majors, which were also in positive territory at the time of writing, with NEM’s XEM leading the charge, up 7.65% and Stellar’s Lumen not far behind, up 5.61% in what has been quite a week for the crypto majors.
The bull trend is intact and, while concerns over imminent regulations linger, regulators are going to need to roll out some pretty drastic requirements to bring down the market.