The Crypto Daily – Movers and Shakers – July 9th, 2021
Bitcoin, BTC to USD, fell by 3.04% on Thursday. Following a 1.07% loss on Wednesday, Bitcoin ended the day at $32,857.0.
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A mixed start to the day saw Bitcoin rise to an early morning intraday high $33,939.0 before hitting reverse.
Falling well short of the first major resistance level at $34,713, Bitcoin tumbled to a late morning intraday low $32,063.0.
The extended sell-off saw Bitcoin fall through the first major support level at $33,437 and the second major support level at $32,986.
Steering clear of sub-$32,000 support, levels, Bitcoin revisited $33,100 levels before a fall back to sub-$33,000 levels.
The brief return to $33,000 levels had seen Bitcoin move back through the second major support level before sliding back.
The near-term bullish trend remained intact, in spite of the latest return to $32,000 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 Thursday.
Bitcoin Cash SV rose by 1.46% to buck the trend on the day.
It was a bearish day for the rest of the majors, however.
Chainlink and Ethereum slid by 7.13% and by 8.66% respectively to lead the way down.
Binance Coin (-5.38%), Cardano’s ADA (-5.45%), Crypto.com Coin (-6.49%), Litecoin (-3.91%), Polkadot (-6.44%), and Ripple’s XRP (-4.32%) also saw heavy losses.
In the week, the crypto total market rose to a Wednesday high $1,476bn before falling to a Thursday low $1,323bn. At the time of writing, the total market cap stood at $1,342bn.
Bitcoin’s dominance rose to a Monday high 45.73% before falling to a Wednesday low 44.55%. At the time of writing, Bitcoin’s dominance stood at 45.64%.
This Morning
At the time of writing, Bitcoin was down by 0.58% to $32,665.0. A mixed start to the day saw Bitcoin rise to an early morning high $32,861.0 before falling to a low $32,574.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin was up by 0.45% to lead the way.
It was a bearish start for the rest of the majors, however.
At the time of writing, Litecoin was down by 1.94% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $32,953 pivot to bring the first major resistance level at $33,843 into play.
Support from the broader market would be needed for Bitcoin to break out from $33,500 levels.
Barring a broad-based crypto rebound, the first major resistance level and Thursday’s high $33,939.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $35,000 levels before any pullback. The second major resistance level sits at $34,829.
Failure to move through the $32,953 pivot would bring the first major support level at $31,967 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$30,000 levels. The second major support level at $31,077 should limit the downside.