The Crypto Daily – Movers and Shakers – July 31st, 2021

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Updated: Jul 31, 2021, 01:10 UTC

It's a mixed start to the day for Bitcoin and the broader market. A Bitcoin fall through to sub-$41,500 levels would pressure the broader market and bring support levels into play.

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 1.22% and by 1.83% respectively to buck the trend on the day.

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

Chainlink surged by 15.16% to lead the way. Bitcoin Cash SV (+3.99%), Ethereum (+3.37%), and Litecoin (+2.86%) also found strong support.

Binance Coin (+1.73%), Cardano’s ADA (+1.99%), and Ripple’s XRP (+0.38%) trailed the front runners, however.

In the current the week, the crypto total market fell to a Monday low $1,379bn before rising to a Friday high $1,640bn. At the time of writing, the total market cap stood at $1,610bn.

Bitcoin’s dominance fell to a Monday low 47.07% before jumping to a Wednesday high 49.16%. At the time of writing, Bitcoin’s dominance stood at 49.02%.

This Morning

At the time of writing, Bitcoin was down by 0.47% to $42,017.0. A mixed start to the day saw Bitcoin rise to an early morning high $42,398.0 before falling to a low $41,677.5.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV was down by 0.99% to buck the early trend and join Bitcoin in the red.

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

At the time of writing, Crypto.com Coin was up by 4.85% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the 38.2% FIB of $41,592 and the $40,952 pivot to bring the first major resistance level at $43,562 into play.

Support from the broader market would be needed for Bitcoin to break out from $42,500 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 $45,000 before any pullback. The second major resistance level sits at $44,908.

A fall through the 38.2% FIB and the $40,952 pivot would bring the first major support level at $39,605 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$38,000 levels. The second major support level sits at $36,966.

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.