The Crypto Daily – Movers and Shakers – July 25th, 2020

Bitcoin, BTC to USD, fell by 0.58% on Friday. Reversing a 0.60% gain from Thursday, Bitcoin ended the day at $9,559.1.

It was a bearish start to the day. Bitcoin fell to a mid-morning intraday low $9,469.7 before making a move.

The pullback saw Bitcoin fall through the first major support level at $9,498.20.

Finding support through the afternoon, Bitcoin rallied to a late intraday high $9,644.0 before hitting reverse.

Falling short of the first major resistance level at $9,708.6, Bitcoin fell back to sub-$9,600 levels to end the day in the red.

The near-term bullish trend remained intact in spite of the early July pullback to sub-$9,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 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.

Binance Coin (+2.24%), Ethereum (+1.46%), and Tron’s TRX (+0.16%) bucked the trend on the day.

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

Tezos slid by 5.00% to lead the way down.

Bitcoin Cash SV (-2.47%), EOS (-1.99%), Ripple’s XRP (-2.07%), and Stellar’s Lumen (-2.98%) also struggled.

Bitcoin Cash ABC (-0.55%), Cardano’s ADA (-1.78%), Litecoin (-1.82%), and Monero’s XMR (-1.74%) saw relatively modest losses.

In the current week, the crypto total market cap fell to a Monday low $262.70bn before hitting a Thursday high $286.03bn. At the time of writing, the total market cap stood at $280.82bn.

Bitcoin’s dominance rose to a Tuesday high 64.08% before sliding to a Friday low 62.46%. At the time of writing, Bitcoin’s dominance stood at 62.76%.

This Morning

At the time of writing, Bitcoin was up by 0.10% to $9,568.6. A bullish start to the day saw Bitcoin rise from an early morning low $9,559.0 to a high $9,572.5

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash ABC (-0.22%), Bitcoin Cash SV (-0.19%), and Monero’s XMR (-0.04%) saw red to buck the trend early on.

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

At the time of writing, Cardano’s ADA was up by 2.22% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $9,558 pivot to support a run at the first major resistance level at $9,646.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,600 levels.

Barring an extended crypto rally, the first major resistance level and Friday high $9,644 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,732 before any pullback.

Failure to avoid a fall through the $9,558 pivot level would bring the first major support level at $9,471 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major resistance level at $9,383.