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The Crypto Daily – Movers and Shakers – 07/02/20

Bitcoin could break back through to $10,000 today. A move back through to $9,800 would signal a move. Expect the broader market to benefit.
Bob Mason
bitcoin with us dollars and calculator

Bitcoin rose by 1.38% on Thursday. Following on from a 4.51% rally on Wednesday, Bitcoin ended the day at $9,744.9.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $9,547.0 before making a move.

Steering well clear of the first major support level at $9,284.17, Bitcoin rallied to an early afternoon intraday high $9,860.0.

The rally saw Bitcoin break through the first major resistance level at $9,835.37 before briefly sliding back sub-$9,600 levels.

Bitcoin broke back through the first major resistance level before easing back to sub-$9,800 levels late in the day.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, however, in spite of the current week gains.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed day for the crypto majors.

Bitcoin Cash ABC and Bitcoin Cash SV fell by 2.35% and by 0.19% to buck the trend on the day. The losses came off the back of a breakout on Wednesday.

It was bullish for the rest of the pack, however.

Binance Coin and Tron’s TRX led the way with gains of 7.00% and 8.62% respectively.

Ethereum (+4.38%) and Stellar’s Lumen (+2.24%) also found strong support, while the rest of the pack trailed.

Cardano’s ADA (+0.93%), EOS (+1.12%), Litecoin (+1.18%), Monero’s XMR (+0.15%), Ripple’s XRP (+1.84%), and Tezos (+0.97%) saw more modest gains on the day.

Through the current week, the crypto total market cap rose from a Tuesday low $254.52bn to a Thursday high $277.94bn. At the time of writing, the total market cap stood at $276.36bn.

Having fallen back from 66% levels, Bitcoin’s dominance slipped further back on Thursday. More marked gains across the broader market pinned Bitcoin back on the day. At the time of writing, Bitcoin’s dominance stood at 64.2%.

Trading volumes picked up, rising to $146bn levels on Thursday. At the time of writing, 24-hr volumes stood at $136.97bn.

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This Morning

At the time of writing, Bitcoin was up by 0.29% to $9,772.9. A relatively bullish start to the day saw Bitcoin rise from an early morning low $9,744.9 to a high $9,781.3.

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

Elsewhere, it was a mixed start to the day.

Ethereum led the way, rising by 1.12%, whilst Bitcoin Cash ABC (-0.47%) and Bitcoin Cash SV (-0.23%) continued to decline.

Binance Coin (-0.28%) and Ripple’s XRP (-0.34%) were also in the red early on.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $8,000 levels to support a run at the first major resistance level at $9,887.6.

Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $9,860.0.

Barring another broad-based crypto rally, the first major resistance level at $9,887.6 and Thursday’s high would likely cap any upside.

In the event of another breakout, $10,000 levels and the second major resistance level at $10,030.30 would likely come into play.

Failure to move back through to $9,800 levels could see Bitcoin hit reverse.

A fall back through to sub-$9,717 levels would bring the first major support level at $9,574.6 into play.

Barring a crypto sell-off, however, Bitcoin should steer clear of the sub-$9,500 on the day.

In the event of a sell-off, the second major support level at $9,404.30 should limit any downside.

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