The Crypto Daily – Movers and Shakers – July 28th, 2021

By:

Updated: Jul 28, 2021, 00:55 UTC

Following Tuesday's late rally, a Bitcoin move back through to $40,000 would be needed to support another breakout day for the broader market.

Coins of crypto currency are presented on a dark background. Virtual money concept.

The Rest of the Pack

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

Polkadot slid by 2.64%, with Crypto.com Coin falling by 0.50% to buck the trend on the day.

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

Chainlink rallied by 7.74% to lead the way once more.

Binance Coin (+3.21%), Bitcoin Cash SV (+4.06%), Ethereum (+3.23%), Litecoin (+2.78%), and Ripple’s XRP (+3.44%) also found strong support.

Cardano’s ADA (+2.00%) and trailed the front runners, however.

Early in the week, the crypto total market fell to a Monday low $1,379bn before rising to a Monday high $1,605bn. At the time of writing, the total market cap stood at $1,517bn.

Bitcoin’s dominance fell to a Monday low 47.07% before jumping to an early Wednesday high 48.79%. At the time of writing, Bitcoin’s dominance stood at 48.77%.

This Morning

At the time of writing, Bitcoin was down by 0.54% to $39,285.0. A mixed start to the day saw Bitcoin rise to an early morning high $39,590.4 before falling to a low $39,095.6.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin (+2.51%), Polkadot (+0.44%), and Ripple’s XRP (+0.21%) found early support.

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

At the time of writing, Chainlink was down by 0.71% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $38,502 pivot to bring the first major resistance level at $40,587 into play.

Support from the broader market would be needed for Bitcoin to break back through to $40,000 levels.

Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at the 38.2% FIB of $41,592 before any pullback. The second major resistance level sits at $41,673.

A fall through the $38,502 pivot would bring the first major support level at $37,416 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $35,331.

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.