The Crypto Daily – Movers and Shakers – July 17th, 2021
Bitcoin, BTC to USD, fell by 1.46% on Friday. Following a 2.84% decline on Thursday, Bitcoin ended the day at $31,428.0.
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After a mixed start to the day, Bitcoin slid to a late morning intraday low $31,044.0 before making a move.
Steering clear of the first major support level at $30,960, however, Bitcoin rallied to a late afternoon intraday high $32,271.0.
Falling short of the first major resistance level at $33,010, Bitcoin slid back to end the day at sub-$31,500 levels.
The near-term bullish trend remained intact, in spite of the latest return to $31,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Friday.
Bitcoin Cash SV ended the day flat to buck the trend on the day.
It was a bearish day for the rest of the majors, however.
Polkadot slid by 6.69% to lead the way down.
Binance Coin (-4.05%), Chainlink (-3.03%), Cardano’s ADA (-4.37%), and Litecoin (-4.16%) also struggled.
Crypto.com Coin (-2.29%), Ethereum (-2.18%), and Ripple’s XRP (-1.43%) saw relatively modest losses, however.
In the current week, the crypto total market rose to a Monday high $1,419bn before falling to a Friday low $1,248bn. At the time of writing, the total market cap stood at $1,260bn.
Bitcoin’s dominance rose to a Wednesday high 46.84% before falling to a Thursday low 45.47%. At the time of writing, Bitcoin’s dominance stood at 46.48%.
This Morning
At the time of writing, Bitcoin was down by 0.53% to $31,262.0. A mixed start to the day saw Bitcoin rise to an early morning high $31,564.0 before falling to a low $21,262.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bearish start to the day.
At the time of writing, Polkadot was down by 1.19% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $31,581 pivot to bring the first major resistance level at $32,118 into play.
Support from the broader market would be needed for Bitcoin to break back through to $32,000 levels.
Barring a broad-based crypto rally, the first major resistance level and resistance at Friday’s high $32,271.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $33,500 levels before any pullback. The second major resistance level sits at $32,808.
Failure to move through the $31,581 pivot would bring the first major support level at $30,891 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$30,000 levels. The second major support level at $30,354 should limit the downside.