The Crypto Daily – Movers and Shakers – July 23rd, 2021
Bitcoin, BTC to USD, rose by 0.52% on Thursday. Following a 7.85% rally on Wednesday, Bitcoin ended the day at $32,320.0.
A range-bound start to the day saw Bitcoin fall to a late morning intraday low $31,735.0 before making a move.
Steering clear of the first major support level at $30,168, Bitcoin rallied to a late afternoon intraday high $32,610.0.
Falling short of the first major resistance level at $33,495, Bitcoin fell back to sub-$32,100 levels and into the red.
Steering clear of sub-$32,000 levels, however, moved back through to $32,300 levels to deliver the upside on the day.
The near-term bullish trend remained intact, in spite of the latest return to $29,000 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 Thursday.
Bitcoin Cash SV fell by 0.39% 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 $1,154bn before rising to a Wednesday high $1,337bn. At the time of writing, the total market cap stood at $1,310bn.
Bitcoin’s dominance rose to a Tuesday high 47.62% before falling to a Thursday low 45.91%. At the time of writing, Bitcoin’s dominance stood at 46.22%.
At the time of writing, Bitcoin was down by 0.11% to $32,283.0. A mixed start to the day saw Bitcoin rise to an early morning high $32,449.4 before falling to a low $32,282.4.
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, Cardano’s ADA was down by 0.63% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $32,222 pivot to bring the first major resistance level at $32,708 into play.
Support from the broader market would be needed for Bitcoin to break out from Thursday’s high $32,610.0.
Barring a broad-based crypto rally, the first major resistance level and resistance at $33,000 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 $33,097.
A fall through the $32,222 pivot would bring the first major support level at $31,833 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$31,000 levels. The second major support level at $31,347 should limit the downside.