The Crypto Daily – Movers and Shakers – July 2nd, 2021

Bitcoin, BTC to USD, fell by 4.30% on Thursday. Following a 2.38% decline on Wednesday, Bitcoin ended the day at $33,554.4.

Bearish from the start to the day, Bitcoin fell from an early morning intraday high $35,069.0 to a late intraday low $32,720.0.

Bitcoin fell through the first major support level at $34,294 and the second major support level at $33,526.

Steering clear of sub-$32,000 support levels, however, Bitcoin broke back through the second major support level to end the day at $33,550 levels.

The near-term bullish trend remained intact in spite of the latest slide back to sub-$30,000 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.

Crypto.com Coin rose by 2.37% to buck the trend on the day.

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

Ethereum led the way down, sliding by 7.45%.

Binance Coin (-5.25%), Chainlink (-6.44%), Litecoin (-5.03%), and Ripple’s XRP (-6.24%) also struggled.

Bitcoin Cash SV (-0.98%), Cardano’s ADA (-3.82%), and Polkadot (-3.30%) saw relatively modest losses, however.

In the current week, the crypto total market rose to a Tuesday high $1,485bn before falling to a Thursday low $1,327bn. At the time of writing, the total market cap stood at $1,373bn.

Bitcoin’s dominance rose to a Monday high 47.67% before falling to a Thursday low 45.54%. At the time of writing, Bitcoin’s dominance stood at 46.03%.

This Morning

At the time of writing, Bitcoin was up by 0.48% to $33,715.4. A mixed start to the day saw Bitcoin fall to an early morning low $33,428.0 before rising to a high $33,983.0.

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

Elsewhere, it was a bullish start to the day.

At the time of writing, Ethereum was up by 1.01% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the $33,781 pivot to bring the first major resistance level at $34,842 into play.

Support from the broader market would be needed for Bitcoin to break out from $34,500 levels.

Barring a broad-based crypto rebound, the first major resistance level and Thursday’s high $35,069 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test the second major resistance level at $36,130.

Failure to move back through the $33,781 pivot would bring the first major support level at $32,493 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$30,000 levels. The second major support level at $31,432 should limit the downside.