The Crypto Daily – Movers and Shakers – August 2nd, 2021
Bitcoin, BTC to USD, slid by 3.80% on Sunday. Following a 1.79% decline on Saturday, Bitcoin ended the week up by 12.57% to $39,867.0.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $42,532.0 before hitting reverse.
Bitcoin broke through the first major resistance level at $42,208 before sliding to a late intraday low $39,493.0.
The extended sell off saw Bitcoin fall through the first major support level at $40,811 and the second major support level at $40,282.
Bitcoin also fell through the 38.2% FIB of $41,592 to end the day at sub-$40,000.
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 Sunday.
It was a bullish day for the rest of the majors, however.
Polkadot led the way once more, surging by 14.20%.
Binance Coin ended the day flat.
It was a bullish week for the majors, however.
Chainlink surged by 31.86% to lead the way.
Crypto.com Coin (+12.68%), Ethereum (+16.53%), Polkadot (+18.94%), and Ripple’s XRP (+19.54%) also found strong support.
Binance Coin (+9.82%), Bitcoin Cash SV (+4.70%), Cardano’s ADA (+6.92%), and Litecoin (+9.81%) trailed the front runners, however.
In the week, the crypto total market fell to a Monday low $1,379bn before rising to a Sunday high $1,686bn. At the time of writing, the total market cap stood at $1,587bn.
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 47.33%.
At the time of writing, Bitcoin was up by 0.45% to $40,046.0. A mixed start to the day saw Bitcoin fall to an early morning low $49,781.0 before rising to a high $40.075.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin was down by 3.36% early on to buck the trend.
It was a bullish start for the rest of the majors, however.
At the time of writing, Ethereum was up by 0.70% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $40,631 pivot to bring the 38.2% FIB of $41,592 and the first major resistance level at $41,768 into play.
Support from the broader market would be needed for Bitcoin to break out from $41,500 levels.
Barring a broad-based crypto rally, the first major resistance level and resistance at $42,000 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 $43,700.
Failure to move through the $40,631 pivot would bring the first major support level at $38,729 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $37,592.