The Crypto Daily – Movers and Shakers – July 16th, 2021
Bitcoin, BTC to USD, fell by 2.84% on Thursday. Reversing a 0.29% gain from Wednesday, Bitcoin ended the day at $31,890.0.
A bullish start to the day saw Bitcoin rise to an early morning intraday high $33,200.0 before hitting reverse.
Falling short of the first major resistance level at $33,438, Bitcoin slid to a late afternoon intraday low $31,150.0.
Bitcoin fell through the first major support level at $31,898.
Steering clear of sub-$31,000 support levels, Bitcoin partially recovered to end the day at $31,890 levels. The first major resistance level at $31,898 pinned Bitcoin back at the day’s end.
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 Thursday.
Binance Coin rose by 2.1% to buck the trend on the day.
It was a bearish day for the rest of the majors, however.
Chainlink and Crypto.com Coin slid by 7.03% and by 6.35% respectively to lead the way down.
Cardano’s ADA (-3.03%), Ethereum (-3.81%), Litecoin (-3.99%), and Ripple’s XRP (-3.72%) also saw heavy losses.
Bitcoin Cash SV (-2.67%) and Polkadot (-2.38%) saw relatively modest losses on the day.
In the current week, the crypto total market rose to a Monday high $1,419bn before falling to a Thursday low $1,257bn. At the time of writing, the total market cap stood at $1,293bn.
Bitcoin’s dominance fell to a Tuesday low 45.74% before rising to a Wednesday high 46.84%. At the time of writing, Bitcoin’s dominance stood at 45.95%.
This Morning
At the time of writing, Bitcoin was down by 0.60% to $31,698.0. A mixed start to the day saw Bitcoin rise to an early morning high $31,959.0 before falling to a low $31,673.0.
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, Crypto.com Coin was down by 0.97% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $32,080 pivot to bring the first major resistance level at $33,010 into play.
Support from the broader market would be needed for Bitcoin to break out from $32,500 levels.
Barring a broad-based crypto rally, the first major resistance level and resistance at Thursday’s high $33,200.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $34,000 levels before any pullback. The second major resistance level sits at $34,130.
Failure to move through the $32,080 pivot would bring the first major support level at $30,960 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 $30,030 should limit the downside.
This article was originally posted on FX Empire
