The Crypto Daily – Movers and Shakers – July 20th, 2021

Bitcoin, BTC to USD, fell by 3.00% on Monday. Reversing a 0.83% gain from Sunday, Bitcoin ended the day at $30,865.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $31,928.0 before hitting reverse.

Falling short of the first major resistance level at $32,478, Bitcoin slid to an early afternoon intraday low $30,500.0.

Bitcoin fell through the first major support level at $31,136.

Finding support at the second major support level at $30,453, Bitcoin before briefly revisited $31,000 levels before easing back.

The near-term bullish trend remained intact, in spite of the latest return to $30,000 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 bearish day on Monday.

Binance Coin slid by 7.17% to lead the way down, with Chainlink (-6.42%) and Polkadot (-6.64%) deep in the red.

Cardano’s ADA (-5.04%), Crypto.com Coin (-5.03%), Ethereum (-3.86%), Litecoin (-5.06%), and Ripple’s XRP (-4.86%) also saw heavy losses.

Bitcoin Cash SV ended the day flat.

Early in the week, the crypto total market rose to an early Monday high $1,289bn before falling to a Monday low $1,229bn. At the time of writing, the total market cap stood at $1,243bn.

Bitcoin’s dominance fell to a Monday low 46.06% before rising to a Monday high 46.79%. At the time of writing, Bitcoin’s dominance stood at 46.65%.

This Morning

At the time of writing, Bitcoin was 0.19% to $30,924.6. A mixed start to the day saw Bitcoin fall to an early morning low $30,798.0 before rising to a high $30,926.0.

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

Elsewhere, it was a mixed start to the day.

Polkadot bucked the trend early on, falling by 0.14%.

It was a bullish start for the rest of the majors, however.

At the time of writing, Ripple’s XRP and Litecoin were up by 1.05% and by 1.04% respectively to lead the way.

BTCUSD 200721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $31,098 pivot to bring the first major resistance level at $31,695 into play.

Support from the broader market would be needed for Bitcoin to break out from $31,500 levels.

Barring a broad-based crypto rally, the first major resistance level and Monday’s high $31,928.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $33,000 before any pullback. The second major resistance level sits at $32,526.

Failure to move through the $31,098 pivot would bring the first major support level at $30,267 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$29,000 levels. The second major support level at $29,670 should limit the downside.

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