The Crypto Daily Movers and Shakers July 16, 2021

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Bitcoin, BTC to USD, fell 2.84% on Thursday. Reversing a 0.29% gain from Wednesday, Bitcoin ended the day at $ 31,890.0.

A bullish start to the day saw Bitcoin hit an early morning intraday high of $ 33,200.0 before reversing.

Below the first major resistance level at $ 33,438, Bitcoin slipped to an intraday low of $ 31,150.0 late in the afternoon.

Bitcoin broke through the first major support level at $ 31,898.

Avoiding support levels below $ 31,000, Bitcoin partially recovered to end the day at $ 31,890. The first major resistance level at $ 31,898 pinned Bitcoin at the end of the day.

The short-term uptrend has remained intact, despite the latest return to levels of $ 31,000. For bears, Bitcoin would need a sustained decline through the 62% FIB of $ 27,237 to form a short-term downtrend.

The rest of the pack

In the rest of the majors, Thursday was a mixed day.

Binance Coin rose 2.1% to reverse the trend for the day.

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

Chainlink and Crypto.com Coin slipped 7.03% and 6.35% respectively to lead the way.

Cardanos ADA (-3.03%), Ethereum (-3.81%), Litecoin (-3.99%) and Ripples XRP (-3.72%) also suffered heavy losses.

Bitcoin Cash SV (-2.67%) and Polkadot (-2.38%) posted relatively modest losses on the day.

During the current week, the total crypto market peaked at $ 1,419 billion on Monday before falling to a low of $ 1,257 billion on Thursday. At the time of this writing, the total market cap was $ 1,293 billion.

Bitcoin dominance fell to a Tuesday low of 45.74% before climbing back to a Wednesday high of 46.84%. At the time of writing this article, Bitcoin dominance stands at 45.95%.

This morning

As of this writing, Bitcoin was down 0.60% to $ 31,698.0. A mixed start to the day saw Bitcoin hit an early morning high of $ 31,959.0 before falling to $ 31,673.0.

Bitcoin left major support and resistance levels untested early on.

Elsewhere, it was a bearish start to the day.

At the time of writing, Crypto.com Coin was down 0.97% to lead the way on the downside.

The story continues

For Bitcoin Day Ahead

Bitcoin is expected to break through the $ 32,080 pivot to bring into play the first major resistance level at $ 33,010.

Broad market support would be needed for Bitcoin to break out of the $ 32,500 levels.

Barring a large scale crypto rally, the first major resistance level and resistance at $ 33,200.0 on Thursday would likely cap any upside potential.

In the event of a prolonged crypto rally, Bitcoin could test resistance at levels of $ 34,000 before any pullback. The second major resistance level is located at $ 34,130.

Failure to break through the $ 32,080 pivot would bring into play the first major support level at $ 30,960.

Unless another extended sell off that day, Bitcoin is expected to avoid levels below $ 30,000. The second major support level at $ 30,030 should limit the decline.

This article originally appeared on FX Empire

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