The Crypto Daily – Movers and Shakers – July 7th, 2021

Bitcoin, BTC to USD, rose by 1.74% on Tuesday. Partially reversing a 4.55% slide from Monday, Bitcoin ended the day at $34,255.0.

After a mixed start to the day, Bitcoin rose to a late morning intraday high $35,196.0 before hitting reverse.

Bitcoin broke through the first major resistance level at $34,926 before sliding to a late afternoon intraday low $33,555.0.

Steering clear of the first major support level at $32,772, however, Bitcoin broke back through to $34,000 levels and into the green.

The near-term bullish trend remained intact, supported by the latest recent back to $36,000 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 Tuesday.

Bitcoin Cash SV fell by 3.45% to buck the trend on the day.

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

Chainlink rallied by 9.50% to lead the way.

Binance Coin (+5.95%), Crypto.com Coin (+4.81%), Ethereum (+5.67%), and Polkadot (+4.39%) also found strong support.

Cardano’s ADA (+0.88%), Litecoin (+0.78%), and Ripple’s XRP (+2.02%) trailed the front runners, however.

Early in the week, the crypto total market fell to a Monday low $1,358bn before rising to a high $1,466bn. At the time of writing, the total market cap stood at $1,424bn.

Bitcoin’s dominance rose to a Monday high 45.73% before falling to a Tuesday low 44.90%. At the time of writing, Bitcoin’s dominance stood at 44.98%.

This Morning

At the time of writing, Bitcoin was down by 0.20% to $34,188.0. A mixed start to the day saw Bitcoin rise to an early morning high $34,257.0 before falling to a low $34,171.0.

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

Elsewhere, it was a mixed start to the day.

At the time of writing, Crypto.com Coin and Polkadot were up by 2.00% and by 0.27% respectively to buck the early trend.

It was a bearish start for the rest of the majors, however, with Ripple’s XRP down by 0.38% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $34,335 pivot to bring the first major resistance level at $35,112 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 Tuesday’s high $35,196.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $37,000 levels before any pullback. The second major resistance level sits at $35,976.

Failure to move through the $34,335 pivot would bring the first major support level at $33,475 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$32,000 levels. The second major support level at $32,694 should limit the downside.