The Crypto Daily – Movers and Shakers – August 1st, 2021After a relatively bearish Saturday, Bitcoin would need to revisit $42,500 levels to support the broader crypto market.
Bitcoin, BTC to USD, fell by 1.79% on Saturday. Partially reversing a 5.43% rally from Friday, Bitcoin ended the day at $41,439.0.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $42,398.0 before hitting reverse.
Falling well short of the first major resistance level at $43,562, Bitcoin fell to a late afternoon intraday low $41,051.0.
While steering clear of the first majors support level at $39,605, Bitcoin fell through the 38.2% FIB of $41,592.
Steering clear of sub-$41,000 levels, Bitcoin briefly broke back through the 38.2% FIB of $41,592 before a late slide back to sub-$41,500 levels.
The near-term bullish trend remained intact, supported by the latest return to $42,000 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 Saturday.
It was a bullish day for the rest of the majors, however.
Polkadot and Crypto.com Coin rallied by 8.05% and by 5.10% respectively to lead the way.
Cardano’s ADA (+0.71%) trailed the front runners, however.
In the current the week, the crypto total market fell to a Monday low $1,379bn before rising to a Saturday high $1,646bn. At the time of writing, the total market cap stood at $1,605bn.
Bitcoin’s dominance fell to a Monday low 47.07% before rising to a Saturday high 49.18%. At the time of writing, Bitcoin’s dominance stood at 48.29%.
At the time of writing, Bitcoin was down by 0.78% to $41,115.0. A mixed start to the day saw Bitcoin rise to an early morning high $41,468.9 before falling to a low $41,105.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin was up by 1.02% at the start of the day to buck the trend.
It was a bearish start for the rest of the majors, however.
At the time of writing, Ripple’s XRP was down by 0.40% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the 38.2% FIB of $41,592 and the $41,629 pivot to bring the first major resistance level at $42,208 into play.
Support from the broader market would be needed for Bitcoin to break back through to $42,000 levels.
Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $42,398.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $43,500 before any pullback. The second major resistance level sits at $42,976.
Failure to move through the 38.2% FIB and the $41,629 pivot would bring the first major support level at $40,861 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$40,000 levels. The second major support level at $40,282 should limit the downside.