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The week has been long for Bitcoin bulls. After a start of a bearish week during which Bitcoin dropped to $ 5,365 on Monday, he has been bullish since the beginning.
The bad start of the week saw Bitcoin test support levels before embarking on a 5-day rally.
Bitcoin hit a record high of $ 6,190 on Saturday before settling down.
While remaining below the first major resistance level at $ 6,210.57 that day, an increase of 4.89% on Friday allowed Bitcoin to break through the FIB by 38.2% to $ 5,809 and keep $ 6,000 this morning.
A short-term hold on levels of $ 6,000 and a rise to $ 6,500 would see Bitcoin form a short-term uptrend to reverse the prolonged downtrend that formed in May of last year .
For the current week, from Monday to Saturday, Bitcoin was up 11.21%.
The rest of the pack,
On the rest of the top 10 cryptos, the week was mixed.
By reversing the losses of the previous week, Bitcoin Cash ABC opened the way until the end of Saturday. An increase of 12.7% Tuesday and 7.64% Friday resulted in a 16.2% increase for the current week, which also allowed a return to $ 300.
Litecoin was also ahead of Bitcoin, up 13.55% at the end of Saturday.
More modest gains were observed elsewhere, with EOS and Ethereum up 5.77% and 5.23% respectively.
The trend of the week during the week is the ADA of Cardano, down 1.65%. After a consecutive week of rally, the ADA of Cardano faces a possible 4th consecutive weekly loss.
The turnaround leaves Cardano's ADA 10th in terms of market capitalization, followed closely by Tron's TRX, which is aiming for a return to the top 10.
While Bitcoin Cash ABC consolidates its number 4 ranking for another week, it is Litecoin and EOS who continue to fight for the number 5 spot. The last rally of Litecoin supports the 5th place for the moment.
The pair continues to see some of the most significant movements in the top 10. Bitcoin Cash ABC support comes from the Bitcoin Cash SV write-off of several encrypted exchanges. For Litecoin, halving this summer remains the main driver, although adoption has been another source of support.
Adoption was also key to Bitcoin's recent gains, which left Bitcoin's dominance at 55 percent despite gains generated by crypto during the week.
For the week, the total market capitalization of the cryptographic sector increased from $ 167 billion to $ 184 billion at the time of writing. A return to $ 190 billion could have been considered without the withdrawal of Saturday.
The latest breakthrough also saw volumes rise from less than $ 40 billion to $ 60 billion during the week. The volumes will probably start to return to $ 80 billion if Bitcoin manages to reach the $ 6,500 level …
This morning,
At the time of writing, Bitcoin was down 0.31% to $ 6,078.9. A bearish start to the day saw Bitcoin slide to $ 6,011.3, a low point in the morning, before finding any help.
By avoiding a return to levels below $ 6,000, Bitcoin managed to reach a high of $ 6,112.23 in the morning, before relaxing.
Despite a relatively hectic day, Bitcoin has left the main levels of support and resistance untested.
In other countries, the top 10 was among the most mixed. Litecoin and Bitcoin Cash ABC were also in the red, down 1.11% and 0.27%.
While the EOS was also in the red, down 0.20%, the Ripple XRP, Stellar's Lumen, Ethereum, Cardano ADA and Binance Coin all found early support.
For the day ahead,
The Bitcoin Bulls will have set $ 6,500 as the next recovery target, which runs from mid-December to $ 3,215.2.
A return to $ 6,100 levels would give the bulls a run at $ 6,200 later in the day.
Any move north by Bitcoin would likely support the wider market, including Bitcoin Cash ABC and Litecoin.
Current latecomers Ripple's XRP and Stellar's Lumen could get out of their current ruts if Bitcoin continued to find help. The pair has struggled recently and a catch-up game could be on the horizon …
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