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The Crypto Daily – Movers and Shakers – August 4th, 2021

By:
Bob Mason
Updated: Aug 4, 2021, 01:31 UTC

It's been a bearish start to the day for Bitcoin and the broader market. A Bitcoin move back through to $39,000 levels would be needed to avoid another day in the red.

Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

In this article:

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.

Cardano’s ADA rallied by 4.54% to lead the way, with Chainlink (+2.01%) also finding support to buck the trend on the day.

It was a bearish day for the rest of the majors, however.

Crypto.com Coin slid by 5.13% to lead the way down, with Bitcoin Cash SV (-3.09%), Ethereum (-3.83%), and Ripple’s XRP (-3.41%) also struggling.

Binance Coin (-2.23%), Litecoin (-2.03%), and Polkadot (-0.77%) saw relatively modest losses on the day.

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%.

This Morning

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.

BTCUSD 040821 Hourly Chart

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.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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