The Crypto Daily – Movers and Shakers – July 2, 2021

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The Crypto Daily - Movers and Shakers - July 2, 2021

Bitcoin, BTC to USD, fell 4.30% on Thursday. After falling 2.38% on Wednesday, Bitcoin ended the day at $ 33,554.4.

Bearish from the start, Bitcoin fell from an early morning intraday high of $ 35,069.0 to a late intraday low of $ 32,720.0.

Bitcoin fell through the first major support level at $ 34,294 and the second major support level at $ 33,526.

However, to avoid the support levels below $ 32,000, Bitcoin broke the second major support level and ended the day at a level of $ 33,550.

The short-term uptrend has remained intact despite the recent drop below $ 30,000. For the bears, Bitcoin would need a sustained drop through the 62% FIB of $ 27,237 to form a short-term downtrend.

The rest of the package

In all other majors it was a mixed day on Thursday.

Crypto.com Coin rose 2.37% to counter the trend of the day.

For the other majors, however, it was a bearish day.

Ethereum led the way down, losing 7.45%.

Binance Coin (-5.25%), Chainlink (-6.44%), Litecoin (-5.03%) and Ripple’s XRP (-6.24%) also had problems.

However, Bitcoin Cash SV (-0.98%), Cardanos ADA (-3.82%) and Polkadot (-3.30%) saw relatively modest losses.

For the current week, the overall crypto market rose to a Tuesday high of $ 1,485 billion before falling to a Thursday low of $ 1,327 billion. At the time of writing, its total market cap was $ 1,373 billion.

Bitcoin’s dominance rose to a Monday high of 47.67% before falling to a Thursday low of 45.54%. At the time of writing, Bitcoin was dominant at 46.03%.

This morning

At the time of writing, Bitcoin was up 0.48% to $ 33,715.4. A mixed start to the day caused Bitcoin to hit an early morning low of $ 33,428.0 before rising to a high of $ 33,983.0.

Bitcoin left key support and resistance levels untested early on.

Elsewhere it was a bullish start to the day.

At the time of writing, Ethereum was up 1.01% to lead the way.

For the coming Bitcoin day

Bitcoin would have to move back through the $ 33,781 pivot to bring the first major resistance level into play at $ 34,842.

The story goes on

In order for Bitcoin to break out of the $ 34,500 mark, support from the broader market would be required.

A broad crypto rebound aside, the first major resistance level and Thursday’s high at $ 35,069 would likely limit any uptrend.

In the event of an extended crypto rally, Bitcoin could test the second major resistance level at $ 36,130.

Failure to break back above the $ 33,781 pivot level would result in the first major support level at $ 32,493.

Aside from another lengthy sell-off that day, Bitcoin should stay away from under $ 30,000. The second major support level at $ 31,432 should limit the downside.

This article was originally published on FX Empire

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