The Crypto Daily – Movers and Shakers – July 19th, 2021After a bearish week, it’s a mixed start to the week for Bitcoin and the majors. A Bitcoin move through to $32,500 levels would support the broader market.
Bitcoin, BTC to USD, rose by 0.83% on Sunday. Following a 0.42% gain on Saturday, Bitcoin ended the week down by 7.09% to $31,820.0.
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A bullish start to the day saw Bitcoin rally to an early morning intraday high $32,453.0 before hitting reverse.
Bitcoin broke through the first major resistance level at $31,970 and the second major resistance level at $32,380.
The reversal, however, saw Bitcoin slide to an early afternoon intraday low $31,111.0.
Bitcoin fell through the first major support level at $31,180 before briefly revisiting $31,900 levels.
Coming up against resistance at $32,000, Bitcoin eased back to end the day at $31,800 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 Sunday.
Crypto.com Coin fell by 1.50% to lead the way down.
It was a bullish day for the rest of the majors, however.
Bitcoin Cash SV rallied by 5.82% to lead the way, with Polkadot rising by 2.12%.
It was a bearish week for the majors, however.
Chainlink (-15.58%) led the way down, with Cardano’s ADA (-12.39%), Polkadot (-11.96%), Crypto.com Coin (-11.94%), Ethereum (-11.67%), and Litecoin (-11.27%) also seeing heavy losses.
Binance Coin (-6.14%), Bitcoin Cash SV (-4.39%), and Ripple’s XRP (-7.49%) saw relatively modest losses, however.
In the 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 $1,285bn.
Bitcoin’s dominance fell to a Thursday low 45.47% before rising to a Saturday high 46.86%. At the time of writing, Bitcoin’s dominance stood at 46.38%.
At the time of writing, Bitcoin was down by 0.04% to $31,806.0. A mixed start to the day saw Bitcoin fall to an early morning low $31,720.0 before rising to a high $31,921.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Cardano’s ADA and Ripple’s XRP saw early losses of 0.10% and 0.09% respectively to join Bitcoin in the red.
It was a bullish start for the rest of the majors, however.
At the time of writing, Ethereum was up by 0.40% to lead the pack.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall back through the $31,794 pivot to bring the first major resistance level at $32,478 into play.
Support from the broader market would be needed for Bitcoin to break back through to $32,400 levels.
Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $32,453.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $33,500 before any pullback. The second major resistance level sits at $33,137.
A fall back through the $31,795 pivot would bring the first major support level at $31,136 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 $30,453 should limit the downside.