The Crypto Daily – Movers and Shakers -07/06/20

Bitcoin rose by 0.50% on Saturday. Partially reversing a 1.74% fall from Friday, Bitcoin ended the day at $9,668.4.

It was another mixed start to the day. Bitcoin fell to an early morning intraday low $9,552.6 before making a move.

Steering clear of the first major support level at $9,538.6, Bitcoin rallied to a midday intraday high $9,742.3 before hitting reverse.

Falling short of the first major resistance level at $9,784.0, Bitcoin slid back to sub-$9,600 levels before briefly revisiting $9,700 levels.

Resistance at $9,700 ultimately pinned Bitcoin back late in the day to limit the upside on the day.

The near-term bullish trend remained intact, in spite of the mixed week.

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 another mixed day for the majors on Saturday.

Stellar’s Lumen rose by 1.64% to lead the way on the day.

Cardano’s ADA (+0.40%), Ethereum (+0.81%), Monero’s XMR (+0.79%), Ripple’s XRP (+0.57%), and Tron’s TRX (+0.94%) also avoided the red.

It was a bearish day for the rest of the majors. Bitcoin Cash ABC fell by 1.32% to lead the way down.

Binance Coin (-0.74%), Bitcoin Cash SV (-0.28%), EOS (-0.53%), and Tezos (-0.24%) also saw red, while Litecoin ended the day flat.

Through the current week, the crypto total market cap rose to a Monday high $285.71bn before sliding to a Tuesday low $255.98bn. At the time of writing, the total market cap stood at $270.22bn.

In the week, Bitcoin’s rose to a Monday high 67.13% before falling to a Thursday low 65.58%. At the time of writing, Bitcoin’s dominance stood at 65.81%.

This Morning

At the time of writing, Bitcoin was down by 0.12% to $9,657.0. A bearish start to the day saw Bitcoin fall from an early morning high $9,668.5 to a low $9,619.4.

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

The rest of the majors saw another mixed start to the day.

Ethereum (-0.09%), Monero’s XRM (-0.19%), and Tezos (-0.13%) joined Bitcoin in the red.

The rest of the majors were in the green at the time of writing, with Bitcoin Cash SV up by 0.44% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $9,760 levels to bring the first major resistance level at $9,756.27 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Saturday’s high $9,742.3.

Barring another broad-based crypto rally, the first major resistance level and Saturday’s high would likely limit any upside.

In the event of an extended crypto rally, Bitcoin could eye the second major resistance level at $9,844.13 before any pullback.

Failure to move through to $9,760 levels could see Bitcoin struggle on the day, however.

A fall back through the morning low to sub-$9,600 levels would bring the first major support level at $9,566.57 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $9,464.73.