The Crypto Daily – Movers and Shakers – July 23rd, 2020

Bitcoin, BTC to USD, rose by 1.65% on Wednesday. Following on from a 2.43% rally on Tuesday, Bitcoin ended the day at $9,557.7.

It was a bearish start to the day. Bitcoin fell to a mid-morning intraday low $9,305.0 before making a move.

Steering clear of the first major support level at $9,231.87, Bitcoin rallied to a late intraday high $9,642.4.

Bitcoin broke through the first major resistance level at $9,514.67 and the second major resistance level at $9,627.33.

A late pullback saw Bitcoin fall through the second major resistance level to wrap up the day at sub-$9,600 levels.

The near-term bullish trend remained intact in spite of the early July pullback to sub-$9,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Wednesday.

Ethereum led the way, rallying by 7.53%.

Binance Coin (+2.31%), Bitcoin Cash ABC (+4.79%), Bitcoin Cash SV (+2.35%), Litecoin (+2.83%), Monero’s XMR (+2.58%), Ripple’s XRP (+2.06%), Tezos (+2.98%) and Tron’s TRX (+2.25%) also found strong support.

Cardano’s ADA (+0.68%), EOS (+1.55%), and Stellar’s Lumen (+1.10%), trailed the front runners.

In the current week, the crypto total market cap fell to a Monday low $262.70bn before striking a Wednesday high $280.59bn. At the time of writing, the total market cap stood at $279.16bn.

Bitcoin’s dominance rose to a Tuesday high 64.08% before sliding to a Wednesday low 62.91. At the time of writing, Bitcoin’s dominance stood at 63.01%.

This Morning

At the time of writing, Bitcoin was down by 0.07% to $9,551.0. A mixed start to the day saw Bitcoin rise to an early morning high $9,560.0 before falling to a low $9,546.1.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day. At the time of writing, Monero’s XMR was down by 0.04% to join Bitcoin in the red.

It was a bullish start to the day for the rest of the majors, however. Stellar’s Lumen was up by 2.03% to lead the way.

BTC/USD 23/07/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $9,500 pivot to support a run at the first major resistance level at $9,700.

Support from the broader market would be needed, however, for Bitcoin to break out from Wednesday’s high $9,642.4.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,839.1 before any pullback.

Failure to avoid a fall through the $9,500 pivot level would bring the first major support level at $9,361.0 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer well clear of the second major resistance level at $9,164.3.

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