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

·3-min read

Bitcoin, BTC to USD, fell by 1.81% on Monday. Following a 3.80% slide from Sunday, Bitcoin ended the day at $39,149.5.

A mixed start to the day saw Bitcoin rise to a mid-morning intraday high $40,449.0 before hitting reverse.

Falling short of the first major resistance level at $41,768, Bitcoin fell to a late intraday low $38,716.0.

Finding support at the first major support level at $38,729, however, Bitcoin moved back through to $39,000 levels to reduce the deficit.

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 Monday.

Binance Coin (-0.63%), Cardano’s ADA (-0.44%), Crypto.com Coin (-1.75%), and Polkadot (-0.53%) joined Bitcoin in the red.

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

Chainlink rallied by 6.20% to lead the way.

Bitcoin Cash SV (+2.14%), Ethereum (+2.04%), and Ripple’s XRP (+2.16%) also found strong support.

Litecoin (+0.75%) trailed the front runners, however

Early in the week, the crypto total market fell to a Monday low $1,555bn before rising to a Monday high $1,611bn. At the time of writing, the total market cap stood at $1,567bn.

Bitcoin’s dominance rose to a Monday high 47.49% before falling to a Monday low 46.61%. At the time of writing, Bitcoin’s dominance stood at 46.65%.

This Morning

At the time of writing, Bitcoin was down by 0.68% to $38,885.0. A mixed start to the day saw Bitcoin rise to an early morning high $39,189.9 before falling to a low $38,780.0.

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

Elsewhere, it was a mixed start to the day.

Polkadot was up by 0.43% early on to buck the trend.

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

At the time of writing, Crypto.com Coin was down by 2.01% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $39,438 pivot to bring the first major resistance level at $40,160 into play.

Support from the broader market would be needed for Bitcoin to break back through to $40,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Monday’s high $40,449.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the 38.2% FIB of $41,592 before any pullback. The second major resistance level sits at $41,171.

Failure to move through the $39,438 pivot would bring the first major support level at $38,427 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $37,795.

This article was originally posted on FX Empire

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