The Crypto Daily – Movers and Shakers – July 25th, 2020

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Published: Jul 25, 2020, 00:57 UTC

It's a relatively bullish start to the day for the majors. A Bitcoin move back through to $9,600 levels would signal a run at the resistance levels.

Bitcoin, BTC to USD, fell by 0.58% on Friday. Reversing a 0.60% gain from Thursday, Bitcoin ended the day at $9,559.1.

It was a bearish start to the day. Bitcoin fell to a mid-morning intraday low $9,469.7 before making a move.

The pullback saw Bitcoin fall through the first major support level at $9,498.20.

Finding support through the afternoon, Bitcoin rallied to a late intraday high $9,644.0 before hitting reverse.

Falling short of the first major resistance level at $9,708.6, Bitcoin fell back to sub-$9,600 levels to end the day in the red.

The near-term bullish trend remained intact in spite of the early July pullback to sub-$9,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 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.

Binance Coin (+2.24%), Ethereum (+1.46%), and Tron’s TRX (+0.16%) bucked the trend on the day.

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

Tezos slid by 5.00% to lead the way down.

Bitcoin Cash SV (-2.47%), EOS (-1.99%), Ripple’s XRP (-2.07%), and Stellar’s Lumen (-2.98%) also struggled.

Bitcoin Cash ABC (-0.55%), Cardano’s ADA (-1.78%), Litecoin (-1.82%), and Monero’s XMR (-1.74%) saw relatively modest losses.

In the current week, the crypto total market cap fell to a Monday low $262.70bn before hitting a Thursday high $286.03bn. At the time of writing, the total market cap stood at $280.82bn.

Bitcoin’s dominance rose to a Tuesday high 64.08% before sliding to a Friday low 62.46%. At the time of writing, Bitcoin’s dominance stood at 62.76%.

This Morning

At the time of writing, Bitcoin was up by 0.10% to $9,568.6. A bullish start to the day saw Bitcoin rise from an early morning low $9,559.0 to a high $9,572.5

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash ABC (-0.22%), Bitcoin Cash SV (-0.19%), and Monero’s XMR (-0.04%) saw red to buck the trend early on.

It was a bullish start to the day for the rest of the majors, however.

At the time of writing, Cardano’s ADA was up by 2.22% to lead the way.

BTC/USD 25/07/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $9,558 pivot to support a run at the first major resistance level at $9,646.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,600 levels.

Barring an extended crypto rally, the first major resistance level and Friday high $9,644 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,732 before any pullback.

Failure to avoid a fall through the $9,558 pivot level would bring the first major support level at $9,471 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major resistance level at $9,383.

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.