The Crypto Daily – Movers and Shakers – July 5th, 2020

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Updated: Jul 5, 2020, 11:12 UTC

It's a mixed start to the day for the broader market. A Bitcoin breakout from $9,200 would support the pack.

Bitcoin rose by 0.57% on Saturday. Reversing a 0.30% decline from Friday, Bitcoin ended the day at $9,147.7.

It was a mixed start to the day for Bitcoin. Bitcoin rose to an early morning high $9,104 before pulling back.

Falling short of the first major resistance level at $9,120.23, Bitcoin slid to a mid-afternoon intraday low $9,060.0.

Steering clear of the first major support level at $9,041.43, Bitcoin rallied to a late afternoon intraday high $9,204.0.

Bitcoin broke through the first major resistance level at $9,120.23 and second major resistance level at $9,167.27.

A late pullback saw Bitcoin fall back through the second major resistance level at $9,167.27.

The near-term bullish trend remained intact in spite of the recent pullback to sub-$9,000 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 Saturday.

Cardano’s ADA led the way, rallying by 3.78%.

Bitcoin Cash ABC (+2.07%), Litecoin (+2.43%), Monero’s XMR (+2.52%), and Tezos (+2.38%) also made solid gains.

Binance Coin (+1.90%), Bitcoin Cash SV (+0.14%), EOS (+1.66%), Ethereum (+1.94%), Ripple’s XRP (+1.09%), Stellar’s Lumen (+0.61%), and Tron’s TRX (+1.06%) trailed the front runners.

Through the current week, the crypto total market cap rose to a Wednesday high $260.82bn before falling to a Thursday low $249.45bn. At the time of writing, the total market cap stood at $257.34bn.

Bitcoin’s dominance rose to a Monday high 66.29% before falling to a Saturday low 65.30%. At the time of writing, Bitcoin’s dominance stood at 65.48%.

This Morning

At the time of writing, Bitcoin was flat at $9,147.9. A mixed start to the day saw Bitcoin rise to an early morning high $9,152.3 before falling to a low $9,142.7.

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

Elsewhere, it was a mixed start to the day.

Cardano’s ADA was down by 1.83%, at the time of writing, to lead the way down.

Ethereum (-0.03%), Litecoin (-0.33%), and Monero’s XMR (-0.56%) were also in the red.

It was a bullish start for the rest of the majors. Bitcoin Cash SV and Tron’s TRX were both up by 0.36% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $9,137 pivot to support a run at the first major resistance level at $9,214.47.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,200 levels.

Barring an extended crypto rebound, the first major resistance level and Saturday’s high $9,204.0 would likely cap any upside.

In the event of a crypto breakout, Bitcoin should break through the second major resistance level at $9,281.23 before any pullback.

Failure to avoid a fall through the $9,137 pivot level could see Bitcoin struggle on the day.

A fall back through to sub-$9,100 levels would bring the first major support level at $9,070.47 into play.

Barring an extended crypto sell-off, Bitcoin should avoid sub-$9,000 and the 23.6% FIB of $8,900. The second major support level sits at $8,993.23.

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.