Bitcoin gained 0.74% on Friday, following on from Thursday’s 1.34% rise, to end the day at $6,640, a 2nd consecutive day of gains taking Bitcoin into positive territory for the current week, Bitcoin up 0.27% Monday through Friday.
A choppy start to the day saw Bitcoin slide from a start of a day morning high $6,626.06 to an early morning intraday low $6,506.6, calling on support at the day’s first major support level at $6,507.47 to move back through to $6,600 levels by mid-morning.
Relatively range bound through most of the day, Bitcoin continued to struggle to hold on to $6,600 levels before a broad based cryptomarket rally kicked in late in the day, with Bitcoin breaking through the first major resistance level at $6,661.07 and the second major resistance level at $6,731.73 to an intraday high $6,741.4 before easing back to $6,600 levels.
For the Bitcoin bulls, while a hold on to $6,600 levels for the first time since Sunday would have been the positive from the day, Bitcoin fell short of the 23.6% FIB Retracement Level of $6,756, with a run at the 38.2% FIB Retracement Level of $7,376 needed to begin forming a near-term bullish trend.
There’s been plenty of conjecture of late on whether Bitcoin has bottomed out and, while the recent ranges suggest that worst may have passed, uncertainty persists and, until the market can move on from the SEC and its pending decisions on Bitcoin ETF applications and a more structured regulatory frame work for the broader market by jurisdiction, any breakout from current levels will likely continue to face plenty of resistance.
On the news front, news of the SEC requesting additional information on the recently rejected Bitcoin ETF applications contributed to the late rally on Friday, the request for information an indication that the SEC is in fact reconsidering its recent decisions, raising hope of an influx of institutional monies into the cryptomarket.
The SEC has reportedly issued a 26th October deadline for the review of 9 Bitcoin ETF applications and, while there are hopes of a reversal to rejections, the reality remains that both fraudulent and price manipulative actions persist that could leave the SEC with little choice but to reject the applications pending the introduction of an appropriate regulatory framework that addresses both of the SEC’s key concerns.
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At the time of writing, Bitcoin was down 0.51% to $6,605.9, a choppy start to the day seeing Bitcoin fall from a morning high $6,648.2 to a morning low $6,575.7 before regaining the $6,600 handle, moves in the early hours leaving the day’s major support and resistance levels untested.
For the day ahead, a move back through to $6,650 would support a run at $6,700 levels to bring the day’s first major resistance level at $6,752.07 and 23.6% FIB Retracement Level of $6,757 into play, though we can expect Bitcoin to face plenty of resistance in any attempt to breakout from its recent ranges.
Failure to move through to $6,500 levels could see Bitcoin slide back through to $6,500 levels to bring the first major support level at $6,517.27 into play, with sub-$6,500 levels in play should the general market view be that the SEC will likely decline the BTF applications currently being reviewed.
This article was originally posted on FX Empire