The Crypto Daily – Movers and Shakers – August 6th, 2021

Bitcoin, BTC to USD, rose by 2.89% on Thursday. Following a 3.99% gain on Wednesday, Bitcoin ended the day at $40,887.0.

A bearish start to the day saw Bitcoin fall to a mid-day intraday low $37,318.0 before making a move.

Bitcoin fell through the first major support level at $38,187 before rallying to a late intraday high $41,352.0.

Bitcoin broke through the first major resistance level at $40,632 to end the day at $40,800 levels.

The near-term bullish trend remained intact, supported by the latest return to $41,000 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 Thursday.

Polkadot slid by 2.85%, with Chainlink and Crypto.com Coin falling by 0.49% and by 0.69% respectively to buck the trend on the day.

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

Bitcoin Cash SV led the way, rallying by 4.68%, with Ethereum gaining 3.84%.

Binance Coin (+0.99%), Cardano’s ADA (+0.76%), Litecoin (+0.74%), and Ripple’s XRP (+0.31%) trailed the front runners, however.

In the current week, the crypto total market fell to a Tuesday low $1,502bn before rising to a Thursday high $1,695bn. At the time of writing, the total market cap stood at $1,654bn.

Bitcoin’s dominance rose to a Monday high 47.27% before falling to a Wednesday low 45.78%. At the time of writing, Bitcoin’s dominance stood at 46.30%.

This Morning

At the time of writing, Bitcoin was down by 0.19% to $40,809.0. A mixed start to the day saw Bitcoin rise to an early morning high $41,034.1 before falling to a low $40,702.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (-0.16%), Chainlink (-0.49%), Litecoin (-0.27%), Polkadot (-0.31%), and Ripple’s XRP (-0.09%) also joined Bitcoin in the red.

It was a bullish start for the rest of the majors, however.

At the time of writing, Crypto.com Coin was up by 4.51% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $39,852 pivot to bring the first major resistance level at $42,387 into play.

Support from the broader market would be needed for Bitcoin to break out from the 38.2 FIB of $41,592.

Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $45,000 before any pullback. The second major resistance level sits at $43,886.

A fall through the $39,852 pivot would bring the first major support level at $38,353 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$37,000 levels. The second major support level at $35,818.