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Bitcoin, from BTC to USD, was up 0.08% on Friday. After a 3.74% rally on Thursday, Bitcoin ended the day at $ 16,308.6.
It was a bullish start to the day. Bitcoin rose to a morning intraday high and a new high of $ 16,481.0 before reversing.
Failing to reach the first major resistance level at $ 16,596, Bitcoin slipped to an afternoon intraday low $ 15,974.0.
Avoiding the first major support level at $ 15,725, Bitcoin rallied back to $ 16,300 levels to end the day on a positive note.
The short-term bullish trend remained intact, supported by the latest move up to the $ 16,000 levels. For bears, Bitcoin is expected to slide through the 62% FIB of $ 8,768 to form a short-term bearish trend.
The rest of the pack
For the rest of the majors, Friday was a mixed day.
Bitcoin Cash ABC and Crypto.com Coin fell 0.05% and 2.65% respectively to reverse the trend of the day.
It was a bullish day otherwise, however, with Litecoin up 8.68% leading the way.
Chainlink (+ 3.79%), Ethereum (+ 3.07%), Polkadot (+ 2.91%) and Ripple’s XRP (+ 4.31%) also found strong support.
Binance Coin (+ 1.88%), Bitcoin Cash SV (+ 1.67%) and Cardano’s ADA (+ 1.78%) followed the top finishers.
For the current week, the total market cap of cryptocurrencies has fallen to a low of $ 421.37 billion on Monday before hitting a high of $ 471.06 billion on Friday. At the time of writing, the total market capitalization was $ 465.73 billion.
Bitcoin’s dominance dropped to a low of 64.22% on Tuesday before climbing to a high of 66.00% on Friday. At the time of writing, Bitcoin’s dominance was 64.6%.
This morning
At the time of writing, Bitcoin was down 0.29% to $ 16,261.0. A mixed start to the day saw Bitcoin rise to a morning high $ 16,315.0 before falling to a low $ 16,207.0.
Bitcoin left the major support and resistance levels untested in the beginning.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV (+ 0.22%), Cardano’s ADA (+ 0.45%), Polkadot (+ 0.04%) and Ripple’s XRP (+ 2.09%) found initial support.
However, it was a bearish start for the rest of the majors.
At the time of writing, Litecoin was down 1.82% to lead the way to the downside.
For Bitcoin Day Ahead
Bitcoin should avoid a fall through the pivot level at $ 16,255 to bring the first major resistance level at $ 16,535 into play.
Support from the broader market would be needed for Bitcoin to break out of Friday’s high of $ 16,481.0.
Barring an extended cryptocurrency rally, the first major resistance level would likely limit any upside.
In the event of another crypto breakout, Bitcoin could test the second major resistance level at $ 16,762 and resistance at $ 17,000.
Failure to avoid a downside through the $ 16,255 pivot would bring the first major support level at $ 16,028 into play.
Barring an extended cryptocurrency sell-off, Bitcoin should avoid levels below $ 16,000. The second major support level is found at $ 15,748.
This article was originally published on FX Empire
