The Crypto Daily – Movers and Shakers – August 7th, 2021
Bitcoin, BTC to USD, rallied by 4.80% on Friday. Following a 2.89% gain on Thursday, Bitcoin ended the day at $42,854.0.
A bearish start to the day saw Bitcoin fall to an early morning intraday low $39,900.0 before making a move.
Steering clear of the first major support level at $38,353 Bitcoin rallied to a late afternoon intraday high $43,385.0.
Bitcoin broke through the first major resistance level at $42,387 to end the day at $42,800 levels.
The near-term bullish trend remained intact, supported by the latest return to $43,000 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 Friday.
Chainlink fell by 0.88% to buck the trend on the day.
It was a bullish day for the rest of the majors, however.
In the current week, the crypto total market fell to a Tuesday low $1,502bn before rising to a Friday high $1,754bn. At the time of writing, the total market cap stood at $1,703bn.
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 47.08%.
At the time of writing, Bitcoin was down by 0.48% to $42,649.0. A mixed start to the day saw Bitcoin rise to an early morning high $42,911.0 before falling to a low $42,641.0.
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, Bitcoin Cash SV was down by 1.64% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $42,046 pivot to bring the first major resistance level at $44,193 into play.
Support from the broader market would be needed for Bitcoin to break out from Friday’s high $43,385.0.
Barring a broad-based crypto rally, the first major resistance level and resistance at $44,500 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $46,000 before any pullback. The second major resistance level sits at $45,531.
A fall through the $42,046 pivot would bring the 38.2% FIB of $41,592 and the first major support level at $40,708 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 $38,561.