The Crypto Daily – Movers and Shakers – July 31st, 2021
Bitcoin, BTC to USD, rallied by 5.43% on Friday. Following a 0.05% gain on Thursday, Bitcoin ended the day at $42,214.5.
A mixed start to the day saw Bitcoin fall to a late morning intraday low $38,343.0 before making a move.
Bitcoin fell through the first major support level at $39,331 before rallying to a final hour intraday high $42,299.2.
Bitcoin broke through the first major resistance level at $40,682 and the second major resistance level at $41,328.
More significantly, Bitcoin also broke through the 38.2% FIB of $41,592 to end the day at $42,000 levels.
The near-term bullish trend remained intact, supported by the latest return to $42,000 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 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.
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%.
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.