The Crypto Daily – Movers and Shakers – July 8th, 2021

It’s a bearish start to the day for Bitcoin and the broader market. A Bitcoin move back through to $34,500 levels would deliver support.
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

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Bitcoin, BTC to USD, fell by 1.07% on Wednesday. Partially reversing a 1.74% gain from Tuesday, Bitcoin ended the day at $33,889.0.

A mixed start to the day saw Bitcoin fall to an early morning low $33,989.0 before making a move.

Steering clear of the first major support level at $33,475, Bitcoin rose to a midday intraday high $35,086.0.

Falling short of the first major resistance level at $35,116, Bitcoin slid to a final hour intraday low $33,810.0.

In spite of the reversal, Bitcoin continued to steer clear of the major support levels late in the day.

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 mixed day on Wednesday.

Polkadot rallied by 5.61% to lead the way.

Binance Coin (+2.44%), Bitcoin Cash SV (+2.88%), Crypto.com Coin (+0.17%) also found support.

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

Chainlink and Ripple’s XRP fell by 1.47% and by 1.66% respectively to lead the way down.

Cardano’s ADA (-0.81%), Litecoin (-1.05%), and Ethereum (-0.23%) also joined Bitcoin in the red.

Early in the week, the crypto total market fell to a Monday low $1,358bn before rising to a Wednesday high $1,476bn. At the time of writing, the total market cap stood at $1,410bn.

Bitcoin’s dominance rose to a Monday high 45.73% before falling to a Wednesday low 44.55%. At the time of writing, Bitcoin’s dominance stood at 44.65%.

This Morning

At the time of writing, Bitcoin was down by 1.29% to $33,451.0. A mixed start to the day saw rise to an early morning high $33,939.0 before falling to a low $33,434.0.

Bitcoin tested the first major support level at $33,437 early on.

Elsewhere, it was a bearish start to the day.

At the time of writing, Crypto.com Coin was down by 2.50% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $34,262 pivot to bring the first major resistance level at $34,713 into play.

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

Barring a broad-based crypto rebound, the first major resistance level and Wednesday’s high $35,086.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $36,000 levels before any pullback. The second major resistance level sits at $35,538.

Failure to move through the $34,262 pivot would bring the first major support level at $33,437 back 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 $32,986 should limit the downside.

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