Bitcoin (BTC) Partially Reverses Thursday\'s Losses, But Bears Continue to Run the Show

Bitcoin gained 2.34% on Friday, partially reversing Thursday's 3.37% fall, to end the week down 2.69% at $8,243.4.

Bitcoin price gained on Friday, partially reversing Thursday’s losses, though the gains were capped by a failure to test major resistance levels, with the cryptocurrency heading for a fourth consecutive week of losses.

Bitcoin price opened lower on Friday, hitting an intraday low of $7,925 before recovering to end the day down 0.27% at $8,216.8.

The new swing low was seen as a continuation of the bearish trend that began at 5th May’s swing high of $9,999, with the bears continuing to have the upper hand despite Friday’s gains.

However, good news for the Bitcoin bulls was the cryptocurrency’s resilience during a bearish week, with losses being minor relative to its peers, with Bitcoin recovering some lost ground over crypto rival Bitcoin Cash.

At the time of writing, Bitcoin was down 0.27% to $8,216.8, with Bitcoin managing to recover from an early morning dip to an intraday low of $8,164.1.

With support and resistance levels left untested on Friday, the morning’s low held above the day’s first major support level at $8,019.87, while the morning’s $8,277.8 fell short of the day’s first major resistance level at $8,372.07.

For the day ahead, Bitcoin will need to move back through to $8,250 levels to support a run at $8,300 levels to bring the day’s first major resistance level at $8,372.07 into play, though the bulls will need to take control for Bitcoin to break through to $8,300 levels

Failure to move through the morning’s $8,277.8 high to $8,300 levels will likely lead to another slide to reverse Friday’s gains, with the day’s first major support level at $8,019.87 a certain target for the Bitcoin bears, with Bitcoin having managed to avoid closing at sub-$8,000 levels since 18th April.

For the bulls, a shift away from Friday’s start of the day swing low of $7,925 should provide some support, while side lined investors find little cause to jump back in, with a roll out of regulations in key jurisdictions expected at any time.

Current levels may look attractive, but when considering Bitcoin’s 2018 sub-$6,000 low that came on the back of heightened regulatory risk, there could be more red to come in the coming weeks before the dust settles and the bulls take control.

Elsewhere, Bitcoin Cash continued to slide, down 2.32% at the time of writing, with NEM’s XEM, Stellar’s Lumen and Monero also seeing notable losses, while DASH and NEO were one of a few to buck the trend, up 0.64% and 0.09% respectively in the early hours.

This article was originally posted on FX Empire

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