The Crypto Daily – Movers and Shakers – July 21st, 2021

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Updated: Jul 21, 2021, 00:57 UTC

Following 2 consecutive days in the red, a Bitcoin move back through to $30,500 levels would deliver support to the broader market.

The Rest of the Pack

Across the rest of the majors, it was a bearish day on Tuesday.

Bitcoin Cash SV tumbled by 10.75% to lead the way down.

Binance Coin (-5.71%), Cardano’s ADA (-6.02%), Chainlink (-5.13%), Crypto.com Coin (-3.31%), Litecoin (-5.21%), and Ripple’s XRP (-5.22%) also ended the day in the deep red.

Ethereum (-1.76%) and Polkadot (-0.98%) saw relatively modest losses on the day.

Early in the week, the crypto total market rose to an early Monday high $1,299bn before falling to a Tuesday low $1,154bn. At the time of writing, the total market cap stood at $1,193bn.

Bitcoin’s dominance fell to a Monday low 46.06% before rising to a Tuesday high 47.62%. At the time of writing, Bitcoin’s dominance stood at 46.76%.

This Morning

At the time of writing, Bitcoin was down 0.17% to $29,757.0. A mixed start to the day saw Bitcoin rise to an early morning high $29,867.0 before falling to a low $29,734.0.

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, Crypto.com Coin was down by 0.98% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $30,067 pivot to bring the first major resistance level at $30,821 into play.

Support from the broader market would be needed for Bitcoin to break out from $30,500 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $31,079.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $32,000 before any pullback. The second major resistance level sits at $31,833.

Failure to move through the $30,067 pivot would bring the first major support level at $29,055 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$28,000 levels. The second major support level at $28,301 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.