The Crypto Daily – The Movers and Shakers – July 15th 2021

It’s been a bearish start to the morning for Bitcoin and the broader market. A Bitcoin move back through to $33,000 levels would be needed to support the broader market.
Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

To view this video content please accept our cookie policy.

Bitcoin, BTC to USD, rose by 0.29% on Wednesday. Partially reversing a 1.05% loss from Tuesday, Bitcoin ended the day at $32,822.6.

A bearish start to the day saw Bitcoin slide to an early morning intraday low $31,588.0 before making a move.

Bitcoin fell through the first major support level at $32,168 and the second major support level at $31,605.

Finding late morning support, however, Bitcoin rallied to a late intraday high $33,128.0.

Falling short of the first major resistance level at $33,315, however, Bitcoin slipped back to sub-$32,700 and into the red.

Late in the day, Bitcoin moved back through to $33,000 levels, before easing back.

The near-term bullish trend remained intact, in spite of the latest return to $32,000 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 3.96% to lead the way down, with Bitcoin Cash SV and Polkadot falling by 1.14% and by 3.05% respectively.

Cardano’s ADA (-0.15%) and Litecoin (-0.31%) also saw red on the day.

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

Ethereum rallied by 2.77% to lead the way.

Binance Coin (+0.14%), Chainlink (+0.18%), and Ripple’s XRP (+0.21%) also joined Bitcoin in the green.

In the current week, the crypto total market rose to a Monday high $1,419bn before falling to a Wednesday low $1,265bn. At the time of writing, the total market cap stood at $1,327bn.

Bitcoin’s dominance fell to a Tuesday low 45.74% before rising to a Wednesday high 46.84%. At the time of writing, Bitcoin’s dominance stood at 46.35%.

This Morning

At the time of writing, Bitcoin was down by 0.10% to $32,790.0. A mixed start to the day saw Bitcoin rise to an early morning high $32,870.9 before falling to a low $32,665.1.

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 early on, rising by 0.49%.

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

At the time of writing, Chainlink was down by 0.87% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $32,513 pivot to bring the first major resistance level at $33,438 into play.

Support from the broader market would be needed for Bitcoin to break out from Wednesday’s high $33,128.0.

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 levels before any pullback. The second major resistance level sits at $34,053.

A fall through the $32,513 pivot would bring the first major support level at $31,898 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$31,000 levels. The second major support level sits at $30,973.

Most Recent

Top Articles