The Crypto Daily – Movers and Shakers – July 11th, 2020
Bitcoin, BTC to USD, rose by 0.60% on Friday. Following a 2.32% slide on Thursday, Bitcoin ended the day at $9,304.6.
It was a bearish start to the day for Bitcoin. Bitcoin fell to an early morning intraday low $9,133.1 before finding support.
Finding support at the first major support level at $9,132.03, Bitcoin rallied to a late intraday high $9,324.6.
In spite of the late recovery, Bitcoin fell well short of the first major resistance level at $9,407.73.
The late recovery, however, saw Bitcoin wrap up the day in positive territory.
The near-term bullish trend remained intact in spite of the early July pullback to sub-$9,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 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.
Binance Coin (+2.73%), Bitcoin Cash ABC (+1.00%), Monero’s XMR (+0.25%), and Tezos (+0.34%) bucked the trend on the day.
It was a bearish day for the rest of the majors.
Cardano’s ADA led the way down, with a loss of 4.63%.
Bitcoin Cash SV (-2.00%), XRP (-1.69%) Stellar’s Lumen (-0.99%), and Tron’s TRX (-2.02%) also struggled.
EOS (-0.72%), Ethereum (-0.33%), and Litecoin (-0.02%) saw relatively modest losses on the day.
In the current week, the crypto total market cap rose from a Monday low $254.55bn to a Wednesday high $274.58bn. At the time of writing, the total market cap stood at $267.03bn.
Bitcoin’s dominance fell from a Monday high 65.58% to a Thursday low 63.55%. At the time of writing, Bitcoin’s dominance stood at 64.05%.
At the time of writing, Bitcoin was down by 0.06% to $9,299.0. A mixed start to the day saw Bitcoin rise to an early morning high $9,311.8 before falling to a low $9,294.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV (-0.19%), Ethereum (-0.02%), and Litecoin (-0.02%) joined Bitcoin in the red.
It was a bullish start for the rest of the majors, with Stellar’s Lumen up by 3.53% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the $9,254 pivot level to support a run at the first major resistance level at $9,375.6.
Support from the broader market would be needed, however, for Bitcoin to break out from Friday’s high $9,324.6.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a crypto breakout, Bitcoin should break out from the second major resistance level at $9,445.6 before any pullback.
Failure to avoid a fall through the $9,254 pivot level would bring the first major support level at $9,183.6 into play.
Barring another extended crypto sell-off, however, Bitcoin should avoid sub-$9,000 levels. The second major resistance level at $9,062.6 should limit any downside.