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The Crypto Daily – Movers and Shakers – July 9th, 2021

By:
Bob Mason
Published: Jul 9, 2021, 00:40 UTC

After Thursday's sell-off, a Bitcoin move back through to $33,500 levels would provide the broader market with support.

crypto currency mining concept

In this article:

Bitcoin, BTC to USD, fell by 3.04% on Thursday. Following a 1.07% loss on Wednesday, Bitcoin ended the day at $32,857.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $33,939.0 before hitting reverse.

Falling well short of the first major resistance level at $34,713, Bitcoin tumbled to a late morning intraday low $32,063.0.

The extended sell-off saw Bitcoin fall through the first major support level at $33,437 and the second major support level at $32,986.

Steering clear of sub-$32,000 support, levels, Bitcoin revisited $33,100 levels before a fall back to sub-$33,000 levels.

The brief return to $33,000 levels had seen Bitcoin move back through the second major support level before sliding back.

The near-term bullish trend remained intact, in spite of the latest return to $32,000 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 Thursday.

Bitcoin Cash SV rose by 1.46% to buck the trend on the day.

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

Chainlink and Ethereum slid by 7.13% and by 8.66% respectively to lead the way down.

Binance Coin (-5.38%), Cardano’s ADA (-5.45%), Crypto.com Coin (-6.49%), Litecoin (-3.91%), Polkadot (-6.44%), and Ripple’s XRP (-4.32%) also saw heavy losses.

In the week, the crypto total market rose to a Wednesday high $1,476bn before falling to a Thursday low $1,323bn. At the time of writing, the total market cap stood at $1,342bn.

Bitcoin’s dominance rose to a Monday high 45.73% before falling to a Wednesday low 44.55%. At the time of writing, Bitcoin’s dominance stood at 45.64%.

This Morning

At the time of writing, Bitcoin was down by 0.58% to $32,665.0. A mixed start to the day saw Bitcoin rise to an early morning high $32,861.0 before falling to a low $32,574.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin was up by 0.45% to lead the way.

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

At the time of writing, Litecoin was down by 1.94% to lead the way down.

BTCUSD 090721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $32,953 pivot to bring the first major resistance level at $33,843 into play.

Support from the broader market would be needed for Bitcoin to break out from $33,500 levels.

Barring a broad-based crypto rebound, the first major resistance level and Thursday’s high $33,939.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $35,000 levels before any pullback. The second major resistance level sits at $34,829.

Failure to move through the $32,953 pivot would bring the first major support level at $31,967 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$30,000 levels. The second major support level at $31,077 should limit the downside.

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.

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