The Crypto Daily – Movers and Shakers – July 24th, 2021Following late support on Friday, a Bitcoin move through to $34,000 levels would signal another breakout…
Bitcoin, BTC to USD, rallied by 4.11% on Friday. Following a 0.52% gain on Thursday, Bitcoin ended the day at $33,650.0.
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After a mixed start to the day, Bitcoin fell to a late afternoon intraday low $32,020.0 before making a move.
Steering clear of the first major support level at $30,168, Bitcoin rallied to a late intraday high $33,625.3.
Bitcoin broke through the first major resistance level at $32,698 and the second major resistance level at $33,097 to end the day at $33,650 levels.
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 Friday.
Crypto.com Coin and Polkadot fell by 1.34% and by 2.22% respectively to buck the trend on the day.
It was a bullish day for the rest of the majors, however.
Ethereum rallied by 4.99% to lead the way.
In the current week, the crypto total market fell to a Tuesday low $1,154bn before rising to a Friday high $1,375bn. At the time of writing, the total market cap stood at $1,358bn.
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 46.34%.
At the time of writing, Bitcoin was down by 0.35% to $33,532.0. A mixed start to the day saw Bitcoin rise to an early morning high $33,783.0 before falling to a low $33,456.9.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin was up by 3.27% to lead the way, with Chainlink (+0.28%) and Litecoin (+0.20%) also in the green.
It was a bearish start for the rest of the majors, however.
At the time of writing, Binance Coin was down by 0.73% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $33,098 pivot to bring the first major resistance level at $34,177 into play.
Support from the broader market would be needed for Bitcoin to break out from this morning’s high $33,783.0.
Barring a broad-based crypto rally, the first major resistance level and resistance at $34,500 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $36,000 before any pullback. The second major resistance level sits at $34,704.
A fall through the $33,098 pivot would bring the first major support level at $32,572 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 $31,493 should limit the downside.