The Crypto Daily – The Movers and Shakers – July 24th, 2020

Bitcoin, BTC to USD, rose by 0.60% on Thursday. Following on from a 1.65% rally on Wednesday, Bitcoin ended the day at $9,615.0.

It was a bearish first half of the day. Bitcoin fell to an early afternoon intraday low $9,475.0 before making a move.

Steering clear of the first major support level at $9,361, Bitcoin rallied to a late afternoon intraday high $9,685.4.

Bitcoin came within range of the first major resistance level at $9,698.4 before falling back to sub-$9,600 levels.

Finding late support, however, Bitcoin moved back through to $9,600 levels to deliver the upside on the day.

The near-term bullish trend remained intact in spite of the early July 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 mixed day on Thursday.

Binance Coin and Ethereum rallied by 3.64% and by 4.31% respectively to lead the way.

Bitcoin Cash SV (+0.02%), Cardano’s ADA (+0.38%), Monero’s XMR (+2.54%), Ripple’s XRP (+2.30%), Stellar’s Lumen (+0.88%), and Tezos (+2.54%) also found support.

Bitcoin Cash ABC (-0.48%), EOS (-0.43%), Litecoin (-0.18%), and Tron’s TRX (-0.48%) bucked the trend on the day.

In the current week, the crypto total market cap fell to a Monday low $262.70bn before rising to a Thursday high $286.03bn. At the time of writing, the total market cap stood at $281.11n.

Bitcoin’s dominance rose to a Tuesday high 64.08% before sliding to a Thursday low 62.47. At the time of writing, Bitcoin’s dominance stood at 62.93%.

This Morning

At the time of writing, Bitcoin was down by 0.24% to $9,592.0. A bearish start to the day saw Bitcoin fall from an early morning high $9,615.5 to a low $9,585.7.

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

Elsewhere, it was another mixed start to the day. At the time of writing, Binance Coin was up by 0.04% to buck the trend.

It was a bearish start for the rest of the majors, with Tezos down by 1.36% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $9,592 pivot to support a run at the first major resistance level at $9,709.

Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $9,685.4.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,802.2 before any pullback.

Failure to avoid a fall back through the $9,592 pivot level would bring the first major support level at $9,500 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer well clear of sub-$9,300 levels. The second major resistance level at $9,381.4 should limit any downside.