The Crypto Daily – Movers and Shakers – July 29th, 2021

Bitcoin, BTC to USD, rose by 1.33% on Wednesday. Following a 6.00% rally on Tuesday, Bitcoin ended the day at $40,017.0.

A mixed start to the day saw Bitcoin rise to a late morning intraday high $40,900.0 before hitting reverse.

Bitcoin broke through the first major resistance level at $40,587 before falling to a late afternoon intraday low $38,803.0.

Steering clear of the first major support level at $37,416, however, Bitcoin broke back through to $40,000 to end the day in the green.

The near-term bullish trend remained intact, supported by the latest return to $40,000 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 Wednesday.

Chainlink fell by 2.25% to lead the way down, with Polkadot (-0.18%) also seeing red to buck the trend.

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

Ripple’s XRP surged by 13.80% to lead the way, with Litecoin (+4.24%), also finding strong support.

Binance Coin (+0.07%), Bitcoin Cash SV (+0.63%), Cardano’s ADA (+0.54%), Crypto.com Coin (+0.84%),  Ethereum (+0.01%) saw modest gains, however.

In the current the week, the crypto total market fell to a Monday low $1,379bn before rising to a Monday high $1,606bn. At the time of writing, the total market cap stood at $1,532bn.

Bitcoin’s dominance fell to a Monday low 47.07% before jumping to a Wednesday high 49.16%. At the time of writing, Bitcoin’s dominance stood at 49.02%.

This Morning

At the time of writing, Bitcoin was down by 0.01% to $40,011.0. A mixed start to the day saw Bitcoin rise to an early morning high $40,069.0 before falling to a low $39,850.0.

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

Elsewhere, Bitcoin Cash SV (+0.01%) and Crypto.com Coin (+0.42%) avoided the red at the start of the day.

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

At the time of writing, Ripple’s XRP was down by 1.53% to lead the way down.

BTCUSD 290721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $39,907 pivot to bring the first major resistance level at $41,010 into play.

Support from the broader market would be needed for Bitcoin to break out from Wednesday’s high $40,900.0.

Barring a broad-based crypto rally, the first major resistance level and the 38.2% FIB of $41,592 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $43,000 before any pullback. The second major resistance level sits at $42,004.

A fall back through the $39,907 pivot would bring the first major support level at $38,913 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $37,810.

Leave a Reply

Your email address will not be published. Required fields are marked *