The Crypto Daily – Movers and Shakers – August 2nd, 2021

Bitcoin, BTC to USD, slid by 3.80% on Sunday. Following a 1.79% decline on Saturday, Bitcoin ended the week up by 12.57% to $39,867.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $42,532.0 before hitting reverse.

Bitcoin broke through the first major resistance level at $42,208 before sliding to a late intraday low $39,493.0.

The extended sell off saw Bitcoin fall through the first major support level at $40,811 and the second major support level at $40,282.

Bitcoin also fell through the 38.2% FIB of $41,592 to end the day at sub-$40,000.

The near-term bullish trend remained intact, supported by the latest return to $42,000 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 Sunday.

Chainlink (-2.65%), Litecoin (-2.89%) and Ripple’s XRP (-2.83%) led the way down, with Cardano’s ADA (-0.43%) also joining Bitcoin in the red.

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

Polkadot led the way once more, surging by 14.20%.

Bitcoin Cash SV (+0.15%), Crypto.com Coin (+0.16%), and Ethereum (+0.86%) also found support.

Binance Coin ended the day flat.

It was a bullish week for the majors, however.

Chainlink surged by 31.86% to lead the way.

Crypto.com Coin (+12.68%), Ethereum (+16.53%), Polkadot (+18.94%), and Ripple’s XRP (+19.54%) also found strong support.

Binance Coin (+9.82%), Bitcoin Cash SV (+4.70%), Cardano’s ADA (+6.92%), and Litecoin (+9.81%) trailed the front runners, however.

In the week, the crypto total market fell to a Monday low $1,379bn before rising to a Sunday high $1,686bn. At the time of writing, the total market cap stood at $1,587bn.

Bitcoin’s dominance fell to a Monday low 47.07% before rising to a Saturday high 49.18%. At the time of writing, Bitcoin’s dominance stood at 47.33%.

This Morning

At the time of writing, Bitcoin was up by 0.45% to $40,046.0. A mixed start to the day saw Bitcoin fall to an early morning low $49,781.0 before rising to a high $40.075.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Crypto.com Coin was down by 3.36% early on to buck the trend.

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

At the time of writing, Ethereum was up by 0.70% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $40,631 pivot to bring the 38.2% FIB of $41,592 and the first major resistance level at $41,768 into play.

Support from the broader market would be needed for Bitcoin to break out from $41,500 levels.

Barring a broad-based crypto rally, the first major resistance level and resistance at $42,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $43,500 before any pullback. The second major resistance level sits at $43,700.

Failure to move through the $40,631 pivot would bring the first major support level at $38,729 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $37,592.

This article was originally posted on FX Empire

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