The Crypto Daily – Movers and Shakers – July 11th, 2021
After a bearish start to the weekend for Bitcoin and the broader market, a Bitcoin move back through to $34,000 level would deliver support to the pack.
Add to Bookmarks
Bitcoin, BTC to USD, fell by 0.78% on Saturday. Partially reversing a 2.81% gain from Friday, Bitcoin ended the day at $33,505.0.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $34,242.0 before hitting reverse.
Falling short of the first major resistance level at $34,473, Bitcoin fell to a late intraday low $33,011.0.
Steering clear of the first major support level at $32,651, Bitcoin revisited $33,600 levels before easing 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 bearish day on Saturday.
Chainlink and Ripple’s XRP fell by 2.36% and by 1.98% respectively to lead the way down.
Ethereum (-1.72%) and Polkadot (-1.70%) weren’t far behind.
Binance Coin (-0.30%), Bitcoin Cash SV (-0.13%), Cardano’s ADA (-1.06%), Crypto.com Coin (-1.34%), and Litecoin (-0.45%) saw relatively modest losses, however.
In the week, the crypto total market rose to a Wednesday high $1,476bn before falling to a Friday low $1,313bn. At the time of writing, the total market cap stood at $1,369bn.
Bitcoin’s dominance fell to a Thursday low 44.48% before rising to a Saturday high 46.18%. At the time of writing, Bitcoin’s dominance stood at 45.96%.
At the time of writing, Bitcoin was up by 0.03% to $33,514.0. A mixed start to the day saw Bitcoin fall to an early morning low $33,496.0 before rising to a high $33,548.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bullish start to the day.
At the time of writing, Crypto.com Coin was up by 1.10% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $33,586 pivot to bring the first major resistance level at $34,161 into play.
Support from the broader market would be needed for Bitcoin to break back through to $34,000 levels.
Barring a broad-based crypto rebound, the first major resistance level and Saturday’s high $34,242.0 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 $34,817.
Failure to move through the $33,586 pivot would bring the first major support level at $32,930 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 $32,355 should limit the downside.Source