The Crypto Daily – Movers and Shakers – July 6th, 2021

Following a bearish start to the week for Bitcoin and the broader market, a Bitcoin move back through to $35,000 levels would deliver support.
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Bitcoin, BTC to USD, fell by 4.55% on Monday. Reversing a 1.69% gain from Sunday, Bitcoin ended the day at $33,672.4.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $35,280.0 before hitting reverse.

Falling short of the first major resistance level at $36,025, Bitcoin slid to a late afternoon intraday low $33,126.0.

Bitcoin fell through the first major support level at $34,451 and the second major support level at $33,627.

Steering clear of sub-$33,000 levels, however, Bitcoin broke back through the second major support level to visit $34,000 levels before ending the day at $33,600 levels.

The near-term bullish trend remained intact, supported by the latest recent back to $36,000 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 start to the week.

Crypto.com Coin and Ripple’s XRP slid by 7.22% and by 6.23% to lead the way down.

Bitcoin Cash SV (-3.72%), Cardano’s ADA (-3.95%), Chainlink (-4.80%), Ethereum (-5.42%), and Litecoin (-4.95%) also struggled.

Binance Coin (-1.84%) and Polkadot (-0.27%) saw relatively modest losses on the day.

Early in the week, the crypto total market fell from a Monday high $1,449bn to a Monday low $1,366bn. At the time of writing, the total market cap stood at $1,399bn.

Bitcoin’s dominance rose to a Monday high 45.66% before falling to a Monday low 45.26%. At the time of writing, Bitcoin’s dominance stood at 45.51%.

This Morning

At the time of writing, Bitcoin was up by 0.73% to $33,917.0. A mixed start to the day saw Bitcoin fall to an early morning low $33,625.0 before rising to a high $34,082.0.

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 10.49% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the $34,026 pivot to bring the first major resistance level at $34,926 into play.

Support from the broader market would be needed for Bitcoin to break out from $34,500 levels.

Barring a broad-based crypto rebound, the first major resistance level and Monday’s high $35,280.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $37,000 levels before any pullback. The second major resistance level sits at $36,180.

Failure to move back through the $34,026 pivot would bring the first major support level at $32,772 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$30,000 levels. The second major support level at $31,872 should limit the downside.

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