The Crypto Daily – Movers and Shakers – August 7th, 2021

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Updated: Aug 7, 2021, 00:50 GMT+00:00

It's a mixed start to the day for the majors. A Bitcoin move back through to $43,000 levels would bring $45,000 levels into play, however.

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Bitcoin, BTC to USD, rallied by 4.80% on Friday. Following a 2.89% gain on Thursday, Bitcoin ended the day at $42,854.0.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $39,900.0 before making a move.

Steering clear of the first major support level at $38,353 Bitcoin rallied to a late afternoon intraday high $43,385.0.

Bitcoin broke through the first major resistance level at $42,387 to end the day at $42,800 levels.

The near-term bullish trend remained intact, supported by the latest return to $43,000 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 Friday.

Chainlink fell by 0.88% to buck the trend on the day.

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

Crypto.com Coin rallied by 6.60% to lead the way, with Litecoin (+3.13%) also finding strong support.

Binance Coin (+1.28%), Bitcoin Cash SV (+0.03%), Cardano’s ADA (+1.12%), Ethereum (+2.24%), Polkadot (+1.82%), and Ripple’s XRP (+1.71%) trailed the front runners, however.

In the current week, the crypto total market fell to a Tuesday low $1,502bn before rising to a Friday high $1,754bn. At the time of writing, the total market cap stood at $1,703bn.

Bitcoin’s dominance rose to a Monday high 47.27% before falling to a Wednesday low 45.78%. At the time of writing, Bitcoin’s dominance stood at 47.08%.

This Morning

At the time of writing, Bitcoin was down by 0.48% to $42,649.0. A mixed start to the day saw Bitcoin rise to an early morning high $42,911.0 before falling to a low $42,641.0.

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

Elsewhere, it was a bearish start to the day.

At the time of writing, Bitcoin Cash SV was down by 1.64% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $42,046 pivot to bring the first major resistance level at $44,193 into play.

Support from the broader market would be needed for Bitcoin to break out from Friday’s high $43,385.0.

Barring a broad-based crypto rally, the first major resistance level and resistance at $44,500 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $46,000 before any pullback. The second major resistance level sits at $45,531.

A fall through the $42,046 pivot would bring the 38.2% FIB of $41,592 and the first major support level at $40,708 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$40,000 levels. The second major support level at $38,561.

About the Author

Bob Masonauthor

With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.