The Crypto Daily – Movers and Shakers – July 22nd, 2021

It’s been a mixed start to the morning after Wednesday’s broad-based crypto rally. A Bitcoin move back through to $32,500 levels would support further upside…
Silver and golden coins with bitcoin, ripple and ethereum symbol

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Bitcoin, BTC to USD, rallied by 7.85% on Wednesday. Reversing a 3.42% slide from Tuesday, Bitcoin ended the day at $32,154.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $29,523.0 before making a move.

Steering clear of the first major support level at $29,055, Bitcoin rallied to a late afternoon intraday high $32,850.0.

Bitcoin broke through the first major resistance level at $30,821 and the second major resistance level at $31,833.

A late pullback saw Bitcoin briefly fall back through the second major resistance level before ending the day at $32,100 levels.

The near-term bullish trend remained intact, in spite of the latest return to $29,000 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 bullish day on Wednesday.

Cardano’s ADA (+11.01%), Chainlink (+11.03%), and Ethereum (+11.74%) led the way.

Binance Coin (+10.85%), Bitcoin Cash SV (+7.56%), Litecoin (+9.66%), and Ripple’s XRP (+7.90%) also found strong support.

Crypto.com Coin (+5.96%) and Polkadot (+4.34%) trailed the front runners, however.

In the current week, the crypto total market fell to a Tuesday low $1,154bn before rising to a Wednesday high $1,337bn. At the time of writing, the total market cap stood at $1,303bn.

Bitcoin’s dominance rose to a Tuesday high 47.62% before falling to a Wednesday low 46.13%. At the time of writing, Bitcoin’s dominance stood at 46.34%.

This Morning

At the time of writing, Bitcoin was up 0.13% to $32,197.0. A mixed start to the day saw Bitcoin fall to an early morning low $31,900.0 before rising to a high $32,382.0.

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

Elsewhere, it was a mixed start to the day.

Polkadot bucked the trend early on, falling by 0.70%.

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

At the time of writing, Cardano’s ADA was up by 1.18% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $31,509 pivot to bring the first major resistance level at $33,495 into play.

Support from the broader market would be needed for Bitcoin to break out from Wednesday’s high $32,850.0.

Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $34,000 before any pullback. The second major resistance level sits at $34,836.

A fall through the $31,509 pivot would bring the first major support level at $30,168 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$30,000 levels. The second major support level sits at $28,182.

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