The Crypto Daily – Movers and Shakers – August 4th, 2021
Bitcoin, BTC to USD, fell by 2.39% on Tuesday. Following a 1.81% decline on Monday, Bitcoin ended the day at $38,217.0.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $39,781.0 before hitting reverse.
Falling short of the first major resistance level at $40,160, Bitcoin fell to a late intraday low $37,663.0.
Bitcoin fell through the first major support level at $38,427 and the second major support level at $37,705.
Finding late support, Bitcoin moved back through the second major support level to revisit $38,400 levels before easing back.
Late in the day, the first major support level at $38,427 pegged Bitcoin back.
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 Tuesday.
It was a bearish day for the rest of the majors, however.
Early in the week, the crypto total market rose to a Monday high $1,629bn before falling to a Tuesday low $1,502bn. At the time of writing, the total market cap stood at $1,536bn.
Bitcoin’s dominance rose to a Monday high 47.27% before falling to a Tuesday low 46.33%. At the time of writing, Bitcoin’s dominance stood at 46.50%.
At the time of writing, Bitcoin was down by 0.36% to $38,079.0. A mixed start to the day saw Bitcoin rise to an early morning high $38,352.0 before falling to a low $37,990.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bearish start to the day.
At the time of writing, Cardano’s ADA was down by 1.47% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $38,554 pivot to bring the first major resistance level at $39,444 into play.
Support from the broader market would be needed for Bitcoin to break back through to $39,000 levels.
Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $39,781.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at the 38.2% FIB of $41,592 before any pullback. The second major resistance level sits at $40,672.
Failure to move through the $38,554 pivot would bring the first major support level at $37,326 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $36,436.