The Crypto Daily – Movers and Shakers – August 1st, 2020It’s a bearish start to the day for Bitcoin and the broader market. Bitcoin would need to move back through to $11,300 levels to support the pack.
Bitcoin, BTC to USD, rallied by 2.04% on Friday. Following a 0.05% gain on Thursday, Bitcoin ended the month up by 24.04% to $11,350.0.
A bearish start to the day saw Bitcoin fall to an early morning intraday low $10,990 before making a move.
Steering clear of the first major support level at $10,923.2, Bitcoin rose to a late afternoon intraday high $11,440.0.
Bitcoin broke through the first major resistance level at $11,255.4 and the second major resistance level at $11,387.8.
A late pullback saw Bitcoin fall back through the resistance levels before finding support.
Bitcoin broke back through the first major resistance level to wrap up the day at $11,350 levels.
The near-term bullish trend remained intact, supported by the latest move through to $11,000 levels. 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 a mixed day on Friday.
Binance Coin (+7.76%), Bitcoin Cash SV (+7.19%), and Ripple’s XRP (+6.22%) led the way.
Bitcoin Cash ABC (+2.22%), Ethereum (+3.46%), Litecoin (+2.46%), and Monero’s XMR (+4.39%), also found strong support.
EOS (+1.36%), Stellar’s Lumen (+0.73%), Tezos (+1.44%), and Tron’s TRX (+1.93%) trailed the front runners.
Cardano’s ADA bucked the trend, however, falling by 1.17%.
It was a bullish July for the crypto market.
Cardano’s ADA surged by 67.38% to lead the majors.
Bitcoin Cash SV (+46.21%), Ethereum (+53.82%), Litecoin (+41.45%), Ripple’s XRP (+48.21%), and Stellar’s Lumen (+45.72%) also found strong support.
Binance Coin (+34.44%), Bitcoin Cash ABC (+34.87%), EOS (+30.56%), Monero’s XMR (33.17%), Tezos (+20.69%), and Tron’s TRX (+20.39%) trailed the front runners.
In the current week, the crypto total market cap rose from a Monday low $285.49bn to a Monday high $335.81bn. At the time of writing, the total market cap stood at $326.94bn.
Bitcoin’s dominance rose from a Monday low 62.44% to a Tuesday high 64.58% before easing back. At the time of writing, Bitcoin’s dominance stood at 63.53.
At the time of writing, Bitcoin was down by 0.82% to $11,257.0. A mixed start to the day saw Bitcoin rise to an early morning high $11,398 before falling to a low $11,238.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
At the time of writing, Bitcoin Cash ABC (+0.14%), Cardano’s ADA (+0.21%), and Stellar’s Lumen (+0.69%) found early support.
It was a bearish start for the rest of the majors, however. Ripple’s XRP was down by 1.44% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $11,260 pivot to support a run at the first major resistance level at $11,530.
Support from the broader market would be needed, however, for Bitcoin to break out from Friday’s high $11,440.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $11,710.
Failure to move through the $11,260 pivot level would bring the first major support level at $11,080 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$11,000 levels and the second major support level at $10,810.