The Crypto Daily – Movers and Shakers – July 31st, 2020It’s a mixed start to the day. Bitcoin would need to avoid the pivot at $11,056 and sub-$11,000 to support the broader market.
Bitcoin, BTC to USD, rose by 0.05% on Thursday. Following on from a 1.70% gain on Wednesday, Bitcoin ended the day at $11,123.0.
A bearish start to the day saw Bitcoin fall to an early afternoon intraday low $10,855.8 before making a move.
Finding support at the first major support level at $10,852, Bitcoin rose to a late high $11,186.1.
Falling well short of the first major resistance level at $11,380, Bitcoin fell back to sub-$11,100 levels and into the red.
Finding late support, however, Bitcoin move struck a final hour intraday high $11,188 before easing back.
In spite of the pullback, Bitcoin closed out the day in the green.
The near-term bullish trend remained intact, supported by the latest move through to $11,000 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 bullish day on Thursday.
Ethereum rallied by 5.39% to lead the way.
Bitcoin Cash ABC (+2.43%), Bitcoin Cash SV (+1.52%), Litecoin (+2.92%), Monero’s XMR (+2.58%), and Stellar’s Lumen (+1.72%) also found strong support.
Binance Coin (+0.55%), Cardano’s ADA (+0.62%), EOS (+0.90%), Ripple’s XRP (+0.36%), Tezos (+0.90%), and Tron’s TRX (+0.32%) tailed the front runners.
In the current week, the crypto total market cap rose from a Monday low $285.49bn to a Monday high $335.81bn. At the time of writing, the total market cap stood at $321.79bn.
Bitcoin’s dominance rose from a Monday low 62.43% to a Tuesday high 64.57% before easing back. At the time of writing, Bitcoin’s dominance stood at 63.58.
At the time of writing, Bitcoin was down by 0.16% to $11,105.0. A mixed start to the day saw Bitcoin rise to an early morning high $11,149.3 before falling to a low $11,100.3.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (+0.51%), Monero’s XMR (+0.22%), and Tezos (+0.01%) bucked the trend early on.
It was a bearish start for the rest of the majors, with Bitcoin Cash SV down by 0.58% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the $11,056 pivot to support a run at the first major resistance level at $11,255.
Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $11,189.2.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $11,388.
Failure to avoid a fall through the $11,056 pivot level would bring the first major support level at $10,923 into play.
Barring an extended crypto sell-off, however, Bitcoin should continue to steer clear of sub-$10,800 levels and the second major support level at $10,723.