The Crypto Daily – Movers and Shakers – July 1st, 2021

It’s a mixed start to the day for the majors. A Bitcoin move back through to $36,000 levels would support the broader market.
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

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Bitcoin, BTC to USD, fell by 2.38% on Wednesday. Partially reversing a 4.14% gain from Tuesday, Bitcoin ended the day at $35,063.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $36,099.0 before hitting reverse.

Falling well short of the first major resistance level at $36,939, Bitcoin fell to a late intraday low $34,428.0.

Bitcoin fell through the first major support level at $34,566 before a partial recovery to $35,000 levels.

The near-term bullish trend remained intact in spite of the latest slide back to sub-$30,000 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 Wednesday.

Crypto.com Coin slid by 6.79% to lead the way down, with Bitcoin Cash SV falling by 3.82%.

Chainlink (-0.09%) and Ripple’s XRP (-0.60%) also joined Bitcoin in the red.

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

Ethereum led the way, rising by 5.13%.

Binance Coin (+0.93%), Cardano’s ADA (+0.88%), Litecoin (+0.12%), and Polkadot (+3.19%) also found support.

In the current week, the crypto total market fell to a Monday low $1,342bn before rising to a Tuesday high $1,485bn. At the time of writing, the total market cap stood at $1,431bn.

Bitcoin’s dominance rose to a Monday high 47.67% before falling to a Wednesday low 45.85%. At the time of writing, Bitcoin’s dominance stood at 45.85%.

This Morning

At the time of writing, Bitcoin was down by 0.17% to $35,001.9. A mixed start to the day saw Bitcoin rise to an early morning high $35,069.0 before falling to a low $34,942.8.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin bucked the trend, rallying by 4.91%.

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

At the time of writing, Chainlink was down by 0.83% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $35,197 pivot to bring the first major resistance level at $35,965 into play.

Support from the broader market would be needed for Bitcoin to break out from $35,500 levels.

Barring a broad-based crypto rebound, the first major resistance level and resistance at $36,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test the second major resistance level at $36,868.

Failure to move through the $35,197 pivot would bring the first major support level at $34,294 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$33,000 levels. The second major support level at $33,526 should limit the downside.

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