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The Crypto Daily – Movers and Shakers – July 17th, 2021

By:
Bob Mason
Updated: Jul 17, 2021, 00:44 UTC

After Friday's pullback, a Bitcoin move back through to $32,000 levels would support the broader market.

Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

In this article:

Bitcoin, BTC to USD, fell by 1.46% on Friday. Following a 2.84% decline on Thursday, Bitcoin ended the day at $31,428.0.

After a mixed start to the day, Bitcoin slid to a late morning intraday low $31,044.0 before making a move.

Steering clear of the first major support level at $30,960, however, Bitcoin rallied to a late afternoon intraday high $32,271.0.

Falling short of the first major resistance level at $33,010, Bitcoin slid back to end the day at sub-$31,500 levels.

The near-term bullish trend remained intact, in spite of the latest return to $31,000 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.

Bitcoin Cash SV ended the day flat to buck the trend on the day.

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

Polkadot slid by 6.69% to lead the way down.

Binance Coin (-4.05%), Chainlink (-3.03%), Cardano’s ADA (-4.37%), and Litecoin (-4.16%) also struggled.

Crypto.com Coin (-2.29%), Ethereum (-2.18%), and Ripple’s XRP (-1.43%) saw relatively modest losses, however.

In the current week, the crypto total market rose to a Monday high $1,419bn before falling to a Friday low $1,248bn. At the time of writing, the total market cap stood at $1,260bn.

Bitcoin’s dominance rose to a Wednesday high 46.84% before falling to a Thursday low 45.47%. At the time of writing, Bitcoin’s dominance stood at 46.48%.

This Morning

At the time of writing, Bitcoin was down by 0.53% to $31,262.0. A mixed start to the day saw Bitcoin rise to an early morning high $31,564.0 before falling to a low $21,262.0.

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, Polkadot was down by 1.19% to lead the way down.

BTCUSD 170721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $31,581 pivot to bring the first major resistance level at $32,118 into play.

Support from the broader market would be needed for Bitcoin to break back through to $32,000 levels.

Barring a broad-based crypto rally, the first major resistance level and resistance at Friday’s high $32,271.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $33,500 levels before any pullback. The second major resistance level sits at $32,808.

Failure to move through the $31,581 pivot would bring the first major support level at $30,891 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$30,000 levels. The second major support level at $30,354 should limit the downside.

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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