Bitcoin rallied by 2.72% on Thursday. Reversing a 1.21% fall from Wednesday, Bitcoin ended the day at $10,452.
A bearish start to the morning saw Bitcoin slide to a mid-morning intraday low $10,064. Holding well above the first major support level at $9,892.67, Bitcoin bounced back to a late intraday high $10,488.
Bitcoin broke through the first major resistance level at $10,378.67 to test resistance at $10,500.
While failing to break through to $10,500 levels, Bitcoin managed to hold onto $10,400 levels in spite of a late pullback.
For Bitcoin, the extended bullish trend remained intact. Bitcoin continued to hold above the 38.2% FIB of $9,734 having steered well clear of sub-$9,000 levels and the 62% FIB of $7,245.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was a mixed bag.
Bitcoin Cash ABC (+0.59%), Binance Coin (+0.58%), Ethereum (+1.56%), and Monero’s XMR (+0.54%) joined Bitcoin in the green on the day.
It was red for the rest of the pack, however, with Litecoin and Stellar’s Lumen leading the way down. Litecoin fell by 0.80%, with Stellar’s Lumen falling by 0.95%.
Bitcoin’s dominance held at 70.3%, supported by the upward momentum on the day.
On Thursday, the total crypto market cap recovered from Wednesday’s current week low $257.9bn to hit a day high $266.17bn. In spite of the recovery, more support is needed to recover to $267bn levels seen at the start of the week.
At the time of writing, the total crypto market cap stood at $265.37bn.
There were no major news events to provide the market split and Bitcoin support on the day.
On the Bitcoin ETF front, SEC Chairman Clayton spoke in the early part of the week, saying that progress has been made on addressing SEC concerns. He also noted, however, that concerns over price manipulation remained. His comments suggested that Bitcoin was likely to remain in limbo for some time to come.
A number of SEC deadlines are set for October on the Bitcoin ETF front…
Key near-term is for Bitcoin to break out from $10,000 levels to avoid a reversal in the final quarter.
At the time of writing, Bitcoin was down by 0.42% to $10,408. A mixed start to the day saw Bitcoin rise to an early morning high $10,475 before falling to a low $10,408.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Ripple’s XRP bucked the trend early, rising by just 0.06%.
It was red for the rest of the pack. Monero’s XMR and Stellar’s Lumen led the way down with 1.1% and 1.55% losses respectively.
For the Bitcoin Day Ahead
Bitcoin would need to hold above $10,350 levels to support a run at the first major resistance level at $10,605.33.
Support from the broader market would be needed, however, for Bitcoin to break through to $10,500 levels.
Barring a broad-based crypto rally, we would expect Bitcoin to come up short of $10,600 levels for a 7th consecutive day.
In the event of a breakout, a move through the first major resistance level would bring $10,700 levels into play.
Failure to steer clear of $10,350 levels would bring the first major support level at $10,181.33 into play.
Barring an extended sell-off through the day, Bitcoin should steer clear of the second major support level at $9,910.67.
This article was originally posted on FX Empire