Bitcoin fell by 0.89% on Thursday, partially reversing Wednesday’s 1.24% gain, to end the day at $6,531.1.
Following a start of the day dip, Bitcoin rebounded to an intraday high $6,704.7 in the early hours of the day, which fell short of the 23.6% FIB Retracement Level of $6,757 and the day’s first major resistance level at $6,778.5 before easing back to $6,600 levels through the remainder of the morning.
Any hopes of a second consecutive day of testing resistance at the 23.6% FIB Retracement Level of $6,757 were lost through the afternoon, with Bitcoin sliding in the mid-afternoon to an intraday low $6,432.4 before recovering to $6,500 levels, Bitcoin managing to avoid calling on support at the day’s first major support level at $6,407.7.
With the news wires on the quieter side, the reversal was relatively minor on Thursday, a continued threat of heavy handed cryptomarket regulations being rolled out in the summer pinning back Bitcoin and the broader markets through the summer.
We continue to view $6,700 levels as a key level for Bitcoin and the Bitcoin bulls this week, with any pullback to sub-$6,300 levels likely to bring sub-$6,000 levels back into play before any recovery.
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At the time of writing, Bitcoin was down 0.32% to $6,510.2, with the start of the day being relatively range bound when compared with some of the majors.
An early morning $6,552.4 fell short of the day’s first major resistance level at $6,682.73 and more importantly, $6,700 levels, with a mid-morning $6,485 low coming within reach of the day’s first major support level at $6,401.43 before recovering to $6,500 levels.
Failure to move through $6,553.07 to take a run at $6,680 levels could see Bitcoin take bigger hit through the early afternoon to test support at the first major support level at $6,401.43 before recovering, sub-$6,400 support levels unlikely to be tested through the day.
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