The Crypto Daily – The Movers and Shakers – July 30th, 2020It’s been a choppy start to the day. A Bitcoin move back through to $11,200 levels would signal a broad-based rebound.
Bitcoin, BTC to USD, rose by 1.70% on Wednesday. Reversing a 1.02% fall from Tuesday, Bitcoin ended the day at $11,117.
It was another mixed start to the day. Bitcoin fell to an early morning intraday low $10,851 before making a move.
Steering clear of the first major support level at $10,594, Bitcoin rallied to a late intraday high $11,355.
Bitcoin broke through the first major resistance level at $11,267 before easing back to sub-$11,200 levels.
The late pullback saw Bitcoin fall back through the first major resistance level at $11,267.
The near-term bullish trend remained intact, supported by the latest move through to $11,000 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 Wednesday.
Cardano’s ADA slid by 6.46% to lead the way down.
Bitcoin Cash SV (-2.54%), Monero’s XMR (-2.76%), and Stellar’s Lumen (-2.36%) also saw relatively heavy losses.
Binance Coin (-1.53%), Bitcoin Cash ABC (-1.06%), Litecoin (-1.20%), Tezos (-1.88%) and Tron’s TRX (-0.12%) saw more modest losses on the day.
It was a bullish day for the rest of the majors, however.
Ripple’s XRP rallied by 5.57% to lead the way.
EOS (+0.79%) and Ethereum (+0.20%) also found support.
In the current week, the crypto total market cap rose from a Monday low $285.49bn to a Monday high $335.81bn. At the time of writing, the total market cap stood at $318.81bn.
Bitcoin’s dominance rose from a Monday low 62.43% to a Tuesday high 64.57% before easing back. At the time of writing, Bitcoin’s dominance stood at 64.14.
At the time of writing, Bitcoin was down by 0.35% to $11,077.8. A bearish start to the day saw Bitcoin fall from an early morning high $11,117.4 to a low $11,004.0.
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, Monero’s XMR and Bitcoin Cash SV were up by 1.04% and 0.92% respectively to lead the way.
Binance Coin (+0.05%), Ethereum (+0.16%), and Stellar’s Lumen (+0.23%) also found early support.
It was a bearish start for the rest of the majors, with Ripple’s XRP down by 1.10% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $11,116 pivot to support a run at the first major resistance level at $11,380.
Support from the broader market would be needed, however, for Bitcoin to break out from Wednesday’s high $11,355.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $11,601.
Failure to move through the $11,116 pivot level would bring the first major support level at $10,852 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,800 levels and the second major support level at $10,588.