The Crypto Daily – Movers and Shakers – July 7th, 2020

It’s a mixed start to the day for the majors. A Bitcoin breakthrough to $9,400 would support the broader market.
bitcoin with us dollars and calculator

Bitcoin rose by 2.99% on Monday. Reversing a 0.68% fall from Sunday, Bitcoin ended the day at $9,361.1.

It was a mixed start to the day for Bitcoin. Bitcoin fell to an early morning intraday low $9,075.8 before finding support.

Steering clear of the first major support level at $8,950.77, Bitcoin rallied to a final hour intraday high $9,389.6.

Bitcoin broke through the first major resistance level at $9,185.07 and the second major resistance level at $9,285.83.

Notably, Bitcoin wrapped up the day at $9,300 levels for the 1st time since 24th June.

The near-term bullish trend remained intact in spite of the recent pullback to sub-$9,000 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 bullish day on Monday.

Bitcoin Cash SV led the way, rallying by 25.23%.

Bitcoin Cash ABC (+8.96%), Cardano’s ADA (+7.08%), EOS (+8.56%), Ethereum (+6.16%), Ripple’s XRP (+6.66%), Stellar’s Lumen (+6.86%), Tezos (+6.66%), and Tron’s TRX (+6.53%) also found strong support.

Binance Coin (+5.29%), Litecoin (+5.87%), Monero’s XMR (+2.62%), trailed the front runners.

Through Monday, the crypto total market cap rose from a low $254.54bn to a high $266.49bn. At the time of writing, the total market cap stood at $265.61bn.

Bitcoin’s dominance fell from a Monday high 65.58% to a low 64.62%. At the time of writing, Bitcoin’s dominance stood at 64.78%.

This Morning

At the time of writing, Bitcoin was down by 0.04% to $9,357.3. A mixed start to the day saw Bitcoin fall to an early morning low $9,349.6 before rising to a high $9,389.4.

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, Bitcoin Cash SV (-0.46%), Cardano’s ADA (-0.05%), EOS (-0.10%), Ethereum (-0.10%), Ripple’s XRP (-0.14%), and Tron’s TRX (-0.61%) joined Bitcoin in the red.

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

Binance Coin was up by 0.56% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $9,275 pivot to support a run at the first major resistance level at $9,475.2.

Support from the broader market would be needed, however, for Bitcoin to break out from Monday’s high $9,389.6.

Barring an extended crypto rebound, the first major resistance level and Monday’s high would likely cap any upside.

In the event of a crypto breakout, Bitcoin should break through the second major resistance level at $9,589.3.

Failure to avoid a fall through the $9,275 pivot level would bring the first major support level at $9,161.4 into play.

Barring an extended crypto sell-off, however, Bitcoin should avoid sub-$9,200 levels.

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