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