The Crypto Daily – Movers and Shakers – August 1st, 2021

Bitcoin, BTC to USD, fell by 1.79% on Saturday. Partially reversing a 5.43% rally from Friday, Bitcoin ended the day at $41,439.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $42,398.0 before hitting reverse.

Falling well short of the first major resistance level at $43,562, Bitcoin fell to a late afternoon intraday low $41,051.0.

While steering clear of the first majors support level at $39,605, Bitcoin fell through the 38.2% FIB of $41,592.

Steering clear of sub-$41,000 levels, Bitcoin briefly broke back through the 38.2% FIB of $41,592 before a late slide back to sub-$41,500 levels.

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 Saturday.

Bitcoin Cash SV fell by 1.60% to lead the way down, with Litecoin (-0.81%) and Ripple’s XRP (-0.89%) also joining Bitcoin in the red.

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

Polkadot and Crypto.com Coin rallied by 8.05% and by 5.10% respectively to lead the way.

Binance Coin (+3.12%), Chainlink (+1.92%), and Ethereum (+2.84%) also found strong support.

Cardano’s ADA (+0.71%) trailed the front runners, however.

In the current the week, the crypto total market fell to a Monday low $1,379bn before rising to a Saturday high $1,646bn. At the time of writing, the total market cap stood at $1,605bn.

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 48.29%.

This Morning

At the time of writing, Bitcoin was down by 0.78% to $41,115.0. A mixed start to the day saw Bitcoin rise to an early morning high $41,468.9 before falling to a low $41,105.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin was up by 1.02% at the start of the day to buck the trend.

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

At the time of writing, Ripple’s XRP was down by 0.40% to lead the way down.

BTCUSD 010821 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the 38.2% FIB of $41,592 and the $41,629 pivot to bring the first major resistance level at $42,208 into play.

Support from the broader market would be needed for Bitcoin to break back through to $42,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $42,398.0 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 $42,976.

Failure to move through the 38.2% FIB and the $41,629 pivot would bring the first major support level at $40,861 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 $40,282 should limit the downside.

The Crypto Daily – Movers and Shakers – July 31st, 2021

Bitcoin, BTC to USD, rallied by 5.43% on Friday. Following a 0.05% gain on Thursday, Bitcoin ended the day at $42,214.5.

A mixed start to the day saw Bitcoin fall to a late morning intraday low $38,343.0 before making a move.

Bitcoin fell through the first major support level at $39,331 before rallying to a final hour intraday high $42,299.2.

Bitcoin broke through the first major resistance level at $40,682 and the second major resistance level at $41,328.

More significantly, Bitcoin also broke through the 38.2% FIB of $41,592 to end the day at $42,000 levels.

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 Friday.

Crypto.com Coin and Polkadot fell by 1.22% and by 1.83% respectively to buck the trend on the day.

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

Chainlink surged by 15.16% to lead the way. Bitcoin Cash SV (+3.99%), Ethereum (+3.37%), and Litecoin (+2.86%) also found strong support.

Binance Coin (+1.73%), Cardano’s ADA (+1.99%), and Ripple’s XRP (+0.38%) trailed the front runners, however.

In the current the week, the crypto total market fell to a Monday low $1,379bn before rising to a Friday high $1,640bn. At the time of writing, the total market cap stood at $1,610bn.

Bitcoin’s dominance fell to a Monday low 47.07% before jumping to a Wednesday high 49.16%. At the time of writing, Bitcoin’s dominance stood at 49.02%.

This Morning

At the time of writing, Bitcoin was down by 0.47% to $42,017.0. A mixed start to the day saw Bitcoin rise to an early morning high $42,398.0 before falling to a low $41,677.5.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV was down by 0.99% to buck the early trend and join Bitcoin in the red.

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

At the time of writing, Crypto.com Coin was up by 4.85% to lead the way.

BTCUSD 310721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the 38.2% FIB of $41,592 and the $40,952 pivot to bring the first major resistance level at $43,562 into play.

Support from the broader market would be needed for Bitcoin to break out from $42,500 levels.

Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $45,000 before any pullback. The second major resistance level sits at $44,908.

A fall through the 38.2% FIB and the $40,952 pivot would bring the first major support level at $39,605 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$38,000 levels. The second major support level sits at $36,966.

Bitcoin Price Prediction – Failure to Hit $40,500 Would Bring sub-$38,000 into Play

After a bullish day for the crypto majors on Thursday, it has been a bearish morning for Bitcoin and the broader crypto market this morning.

At the time of writing, Bitcoin, BTC to USD, was down by 3.47% to $38,646.8.

A mixed start to the day saw Bitcoin rise to an early morning high $40,248.0 before hitting reverse.

Falling short of the first major resistance level at $40,682, Bitcoin slid to a late morning intraday low $38,343.0.

Bitcoin fell through the first major support level at $39,331 and the second major support level at $38,626.

Steering clear of sub-$38,000 levels, Bitcoin moved back through the 2nd major support level going into the afternoon.

BTCUSD 300721 Hourly Chart

The Rest of the Pack

It has been a bearish morning for the broader crypto market.

At the time of writing, Ripple’s XRP was down by 3.91% to lead the way down, with Litecoin (-3.64%) also struggling.

Binance Coin (-2.46%), Bitcoin Cash SV (-1.98%), Cardano’s ADA (-2.01%), Chainlink (-1.53%), Crypto.com Coin (-1.62%), and Ethereum (-1.92%) were not far behind, however.

Through the early hours, the crypto total market rose to an early morning high $1,569bn before falling to a low $1,495bn. At the time of writing, the total market cap stood at $1,509bn.

Bitcoin’s dominance rose to an early high 48.47% before falling to a low 48.07%. At the time of writing, Bitcoin’s dominance stood at 48.12%.

For the Afternoon Ahead

Bitcoin would need to move back through the first major support level and the $39,977 pivot to bring the first major resistance level at $40,682 into play.

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

Barring an extended crypto rally through the afternoon, the first major resistance level at $40,682 would likely limit any upside.

In the event of a breakout, however, Bitcoin should target the 38.2% FIB of $41,592 before any pullback. The second major resistance level sits at $41,328.

Failure to move back through the first major support level at $39,331 pivot would bring the second major support level at $38,626 back into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$38,000 levels, however. The third major support level sits at $37,275.

Looking beyond the support and resistance levels, we saw the 50 EMA narrow on the 100 and 200 EMAs this morning. This supported the downside through the morning.

A further narrowing of the 50 on 100 and 200 EMAs this afternoon would bring sub-$38,000 levels into play.

Key going into the afternoon will be for Bitcoin to avoid a fall back through the morning low $38,343.0 to sub-$38,000 levels.

Bitcoin Lacks Momentum As Resistance At $40,000 Stays Strong

Resistance At $40,000 Is A Major Obstacle On The Way Up For Bitcoin

Bitcoin is still trying to settle above the key resistance level at $40,000, but it looks that the world’s leading cryptocurrency lacks momentum for the move.

Meanwhile, other cryptocurrencies are gaining some ground during the current trading session. Ethereum is currently testing the $2,400 level while Dogecoin has managed to settle above $0.2050.

Yesterday, MicroStrategy announced that it planned to deploy additional capital to its digital asset strategy, which means that the company will buy more Bitcoin. However, this news had no impact on Bitcoin, and it looks that many traders have decided to take some profits off the table near the key resistance level at $40,000.

As a result, Bitcoin Dominance, which measures the market capitalization of Bitcoin as a percentage of total market capitalization, pulled back towards the 48% level as some capital moved from Bitcoin into altcoins.

Technical Analysis

bitcoin july 30 2021

The technical picture for Bitcoin has not changed in recent trading sessions. Bitcoin needs to settle above the key resistance level at $40,000 to have a chance to continue its upside move. RSI remains close to the overbought territory, but there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

A move above the $40,000 level will push Bitcoin towards the resistance at June highs at $41,300. If Bitcoin manages to settle above this level, it will gain additional upside momentum, and speculative traders will likely rush to buy the world’s leading cryptocurrency.

On the support side, the nearest significant support level for Bitcoin is located at $38,000, but Bitcoin remains glued to the $40,000 level, and several attempts to gain some downside momentum yielded no results.

A successful test of the support at $38,000 will push Bitcoin towards the next support level near the 50 EMA at $36,000. The 20 EMA is located in the nearby so Bitcoin will likely receive significant support near this level.

For a look at all of today’s economic events, check out our economic calendar.

The Crypto Daily – Movers and Shakers – July 30th, 2021

Bitcoin, BTC to USD, rose by 0.05% on Thursday. Following a 1.33% gain from Wednesday, Bitcoin ended the day at $40,036.1.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $39,272.0 before making a move.

Steering clear of the first major support level at $38,913, Bitcoin rose to a late morning intraday high $40,623.0.

Falling short the first major resistance level at $41,010, however, Bitcoin fell back to sub-$39,500 levels before finding support. A late move back through to $40,000 reversed losses from the day.

The near-term bullish trend remained intact, supported by the latest return to $40,000 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 Thursday.

Cardano’s ADA slipped by 0.15% to buck the trend.

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

Polkadot rallied by 4.94% to lead the way, with Crypto.com Coin (+2.33%), Ethereum (+3.59%), and Ripple’s XRP (+2.39%) also finding strong support.

Binance Coin (+1.00%), Bitcoin Cash SV (+0.41%), Chainlink (+1.36%), and Litecoin (+0.74%) saw modest gains, however.

In the current the week, the crypto total market fell to a Monday low $1,379bn before rising to a Monday high $1,606bn. At the time of writing, the total market cap stood at $1,553bn.

Bitcoin’s dominance fell to a Monday low 47.07% before jumping to a Wednesday high 49.16%. At the time of writing, Bitcoin’s dominance stood at 48.44%.

This Morning

At the time of writing, Bitcoin was up by 0.09% to $40,071.0. A mixed start to the day saw Bitcoin fall to an early morning low $39,779.0 before rising to a high $40,122.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.15%), Chainlink (-0.06%), Polkadot (-0.50%), and Ripple’s XRP (-0.33%) saw early red.

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

At the time of writing, Crypto.com Coin was up by 0.81% to lead the way.

BTCUSD 300721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $39,977 pivot to bring the first major resistance level at $40,682 into play.

Support from the broader market would be needed for Bitcoin to break out from Thursday’s high $40,623.0.

Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.

In the event of another 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 $41,328.

Failure to avoid a fall back through the $39,977 pivot would bring the first major support level at $39,331 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $38,626.

Chinese Miners Move Overseas. Bitcoin And Ether Hashrates Begin To Recover

The hashrates of the two largest cryptocurrencies are recovering as Chinese miners move their operations to other parts of the world.

BTC And ETH Hashrates Are Rising Again

The hashing powers securing the Bitcoin and Ethereum networks are rising again. This comes as Chinese miners begin moving their operations to other parts of the world. The hashing power of Bitcoin and Ethereum suffered a major blow in recent months as the Chinese authorities cracked down on cryptocurrency mining activities.

The governments of the Sichuan and Anhui provinces in China recently banned cryptocurrency mining activities in the regions. This led to the closure of several Bitcoin mining farms, and smaller crypto miners went out of business.

Due to the bans, some of the miners are moving to other favorable destinations, such as Kazakhstan, Russia and the United States. According to recent data, the seven-day moving average of BTC’s hashrate has gradually climbed up above the 100 exahashes per second (EH/s) level. The hashrate has remained above this level for the past three weeks.

BTC/USD chart. Source: FXEMPIRE

The Bitcoin hashrate dropped below 90 EH/s following the various bans in China, and that was the first time it stood at that level since January 2020. Thanks to the slow recovery, Bitcoin’s mining difficulty is estimated to grow by 4% in its next adjustment.

Ethereum’s hashrate plunged by 20% following the crackdown in China. However, it is also recovering and has stayed above 500 terahashes per second for the past few weeks.

Bitcoin And Ether Rally In Recent Days

The cryptocurrency market has slightly recovered from a slump that affected its price over the past two months. Bitcoin finally surpassed the $35k resistance level and rallied past $40k before retreating to the $39k region earlier today.

ETH/USD chart. Source: FXEMPIRE

Ether, on the other hand, is up by 15% over the past week, surpassing the $2,000 resistance level and currently trading above $2,200. Some experts are optimistic that prices could soar higher in the coming months with the market slowly recovering.

Bitcoin Price Prediction – Avoiding a Return to sub-$40,000 Would Bring $41,500 into Play

After a bullish day for the crypto majors on Wednesday, it has been a mixed morning for Bitcoin and the broader crypto market this morning.

At the time of writing, Bitcoin, BTC to USD, was up by 0.21%to $40,100.0.

A mixed start to the day saw Bitcoin fall to an early morning low $39,272.0 before making a move.

Steering clear of the first major support level at $38,913, Bitcoin rose to a late morning current day high $40,623.0.

Bitcoin fell short of Wednesday’s high $40,900.0 and the first major resistance level at $41,010.

BTCUSD 290721 Hourly Chart

The Rest of the Pack

It has been yet another mixed morning for the broader crypto market.

At the time of writing, Ripple’s XRP was down by 3.47%, giving up some of Wednesday’s 13.8% rally.

Bitcoin Cash SV (-0.10%), Cardano’s ADA (-0.66%), Chainlink (-0.36%), Litecoin (-0.51%) also struggled.

It has been a relatively bullish morning for the rest of the majors, however.

Through the morning, Polkadot was up by 1.46% to lead the way, with Crypto.com Coin gaining 1.33%.

Binance Coin (+0.16%) and Ethereum (+0.48%) also found support.

Through the early hours, the crypto total market fell to an early morning low $1,507bn before rising to a high $1,552bn. At the time of writing, the total market cap stood at $1,538bn.

Bitcoin’s dominance fell to an early low 48.90% before rising to a high 49.15%. At the time of writing, Bitcoin’s dominance stood at 48.95%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall back through the $39,907 pivot to bring the first major resistance level at $41,010 back into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $40,623.0.

Barring an extended crypto rally through the afternoon, expect resistance at $40,500 to pin Bitcoin back.

In the event of a breakout, however, Bitcoin should target $42,500 levels before any pullback. The second major resistance level sits at $42,004. Bitcoin would need plenty of support, however, to breakout from the 38.2% FIB of $41,592.

A fall back through the $39,907 pivot would bring the first major support level at $38,913 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$38,000 levels, however. The second major support level sits at $37,810.

Looking beyond the support and resistance levels, we saw the 50 EMA hold its ground against the 100 and 200 EMAs this morning. This supported the modest upside through the morning.

A widening of the 50 from 100 and 200 EMAs this afternoon would bring the 38.2% FIB of $41,592 into play.

Key going into the afternoon will be for Bitcoin to avoid a fall back through the pivot to sub-$39,500 levels.

Bitcoin Remains Stuck Near The Key $40,000 Level

Bitcoin Needs Additional Catalysts To Settle Above $40,000

Bitcoin continues its attempts to settle above the $40,000 level while crypto markets lack momentum as traders wait for clues from the world’s leading cryptocurrency.

Ethereum is flat near the $2,300 level while XRP is moving lower towards the $0.70 level. Dogecoin is trying to settle back below the 20 EMA at $0.2030.

Bitcoin has already made several attempts to settle above the key resistance level at $40,000 but failed to develop sufficient upside momentum, and it looks that it will need additional catalysts to move above this level.

Technical Analysis

bitcoin july 29 2021

Bitcoin is currently testing the nearest resistance level which is located at $40,000. RSI has recently entered into the overbought territory, but there is enough room to gain additional upside momentum in case the right catalysts emerge.

If Bitcoin manages to settle above $40,000, it will get to the test of the next resistance level which is located at June highs at $41,300. A move above this level will be a major development as it will show that Bitcoin is ready to develop additional upside momentum.

In case Bitcoin gets above $41,300, it will head towards the resistance at $42,000. This move should be fast as short-sellers will likely rush to close their positions if Bitcoin gets above June highs.

A successful test of the resistance at $42,000 will open the way to the test of the next resistance level at $44,000. If Bitcoin gets above this level, it will move towards the resistance at $46,000.

On the support side, the nearest support level for Bitcoin is located at $38,000. If Bitcoin manages to settle below this level, it will gain additional downside momentum and head towards the next support level which is located near the 50 EMA at $36,000.  A move below the 50 EMA will push Bitcoin towards the next support level near the 20 EMA at $35,000.

For a look at all of today’s economic events, check out our economic calendar.

Powell Props Prices, but Traders Await Tesla to Surge

With the FOMC meeting having concluded today and Chairman Powell signaling that tapering of their monthly purchases of mortgage-backed securities would occur in tandem with the raising of fed funds rates, this means that tapering is most likely not going to occur this year or next.

This perceived bullish statement from the Fed propped up pricing of the world’s largest digital currency. As of 5:40 PM Eastern Standard Time, BTC futures are trading up 5.76% or $2185 on the day and are pegged at $40,090.

wed chart only

Current pricing is now but up against the resistance at $40,000. If Bitcoin can take out the support level, we will see $45,000 being tested soon after. However, if we look back to February 8, 2021, which is the day BTC finally was able to break above resistance at $40,000, it took a huge headline to do so.

On February 8, when BTC did overtake $40,000, it had just been announced that Tesla had purchased 1.5 billion worth of Bitcoin and would soon be accepting it as a payment for their electric vehicles. This was a huge development that experienced a massive amount of media coverage and social media because of Elon musk’s involvement.

The impact of this can be witnessed when on May 12, Tesla announced it would be halting its bitcoin payment option. This accelerated bearish action in Bitcoin, which on that day opened at $57,000 with solid support at $50,000. On May 13, BTC crashed through that support level and began an accelerated correction hitting a low of $30,000 just seven days later.

Elon Musk’s influence over the price of BTC can be seen from the recent action last week when he hinted the electric vehicle maker might start accepting BTC as payment once again. This news helped propel bitcoin off its lows at 30,000 and into the current uptrend we are witnessing.

For now, Bitcoin will likely remain between $35,000 – $45,000 until another large fundamental bullish headline is reported. This could be anything concerning large-scale adoption and might easily be Tesla once again accepting Bitcoin as a payment option.

Billionaire Mike Novogratz on Bitcoin Rebound: ‘Institutions Are Buying’

Bitcoin has taken investors on a roller coaster ride of late. As an emerging asset class, cryptocurrencies are inherently volatile. Nonetheless, the bitcoin price has been mired in a downturn, and its recent rally above USD 40K was a psychological boost to investors. That bull run seemed to be short-lived after Amazon denied reports that it was on the verge of supporting bitcoin, but now it appears that the rally may have legs.

The bitcoin price is perched back above USD 40K once again, even without Amazon’s help.  And most of the top 10 cryptocurrencies are trading in the green too.

While the signs suggested that Amazon was the reason for the recent market swings, Galaxy Digital Founder Mike Novogratz suggests there is another catalyst for today’s gains — institutions. He told CNBC:

“Crypto has bounced back because institutions are buying…This was partly a big short-covering rally and partly recognition that this is a real market that’s not going anywhere.”

Crypto Is Here to Stay

Novogratz, a former hedge fund trader on Wall Street, pointed to FTX, a cryptocurrency exchange startup that just attracted USD 900 million to its coffers in a Series B round.  He also noted the caliber of the investors in the round, which included the likes of SoftBank and Paul Tudor Jones, among others, saying it sent a message to the market that cryptocurrencies are here to stay.

Novogratz Claps Back

Cryptocurrencies may be here to stay, but certain lawmakers are doing everything they can to make it harder to invest. U.S. Senator Elizabeth Warren is behind a letter to Treasury Secretary Janet Yellen urging the former Fed chair to crack down on the cryptocurrency industry. Senator Warren painted retail investors as victims amid crypto market volatility that could lead to financial losses.

Novogratz isn’t having any of it. He went on a tweetstorm calling out legacy finance for things such as bank overdraft fees while defending the cryptocurrency industry and its participants. Novogratz was “riled up” by Senator Warren, saying she does not “seem so progressive” to him.

The Galaxy chief did not hold back, suggesting that if banks had the same standards as DeFi when it comes to transparency, the mortgage crisis of the 2008 era would never have occurred. Novogratz added that know-your-customer (KYC) standards are coming to crypto. He would also like to see politicians more educated on the market.

Bitcoin Price Prediction – Bulls Target $41,500 to Support a Breakout to $45,000

After relatively bullish day for the crypto majors on Tuesday, it was another bullish start to the day for the broader market.

At the time of writing, Bitcoin, BTC to USD, was up by 2.81%to $40,611.5.

A mixed start to the day saw Bitcoin fall to an early morning low $38,933.0 before making a move.

Steering clear of the first major support level at $37,416, Bitcoin rallied to a late morning intraday high $40,900.0.

Bitcoin broke through the first major resistance level at $40,587 to test resistance at $41,000 before easing back.

In spite of easing back, Bitcoin avoided a fall back through the first major resistance level through the morning.

The Rest of the Pack

It has been another mixed morning for the broader crypto market.

At the time of writing, Polkadot was down by 0.92% to buck the trend through the morning.

It has been a bullish morning for the rest of the majors, however.

Through the morning, Ripple’s XRP was up by 13.84% to lead the way.

Bitcoin Cash SV (+2.07%), Cardano’s ADA (+2.02%), Crypto.com Coin (+3.94%), Litecoin (+3.99%) also found strong support.

Binance Coin (+0.86%), Chainlink (+0.45%), and Ethereum (+1.12%) trailed the front runners, however.

Through the early hours, the crypto total market fell to an early morning low $1,498bn before rising to a high $1,561bn. At the time of writing, the total market cap stood at $1,555bn.

Bitcoin’s dominance fell to an early low 48.70% before rising to a high 49.24%. At the time of writing, Bitcoin’s dominance stood at 49.16%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall back through the first major resistance level at $40,587 bring the 38.2% FIB of $41,592 into play.

Support from the broader market would be needed for Bitcoin to breakout from the morning high $40,900.0, however.

Barring an extended crypto rally, the 38.2% FIB and the second major resistance level at $41,673 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could target $45,000 levels. The third major resistance level sits at $44,844.

A fall back through the first major resistance level and a fall through the $38,502 pivot would bring the first major support level at $37,416 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$38,000 levels, however. The second major support level sits at $35,331.

Looking beyond the support and resistance levels, we saw the 50 EMA pull further away from the 100 and 200 EMAs this morning. This supported the morning gains and a run at $41,000 levels.

We also saw the 100 EMA pull further away from the 200 EMA, providing further support to Bitcoin and the crypto bulls.

A further widening of the 50 from 100 and 200 EMAs this afternoon would bring $42,000 levels into play.

Key going into the afternoon will be for Bitcoin to avoid a fall back through the first major resistance level to sub-$40,000 levels.

Shiba Inu Continues To Drift Lower

Shiba Inu Remains Under Pressure While Bitcoin Tests The Resistance At $40,000

Shiba Inu continues its attempts to settle below the support at $0.0000063 while Bitcoin is testing the key resistance at $40,000.

The recent Bitcoin’s rally provided support to many cryptocurrencies, but Shiba Inu remained under pressure. This a bearish sign for Shiba Inu as it indicates that the interest in this cryptocurrency continues to decline. Dogecoin, whose trading dynamics often have an impact on Shiba Inu, performed better, but it trades well below recent highs near $0.2350.

At this point, it looks that Shiba Inu will need additional catalysts to get back to the upside mode. If Bitcoin manages to settle above the key resistance level at $40,000, it will likely gain significant upside momentum which will be bullish for the whole crypto market, but it remains to be seen whether it will boost Shiba Inu as the cryptocurrency has completely ignored the latest upside move of Bitcoin.

Technical Analysis

shiba inu july 28 2021

Shiba Inu settled below $0.000007 and is trying to settle below the next support level at $0.0000063. RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum.

In case Shiba Inu declines below the support level at $0.0000063, it will move towards the support at $0.0000055. A successful test of this level will open the way to the test of the support which is located at $0.0000044. If Shiba Inu gets below this level, it will move towards the next support at $0.0000034.

On the upside, Shiba Inu needs to get above $0.000007 to have a chance to develop upside momentum. If Shiba Inu manages to get back above $0.000007, it will head towards the next resistance level which is located at $0.000008. A move above this level will push Shiba Inu towards the resistance level which is located at $0.000009.

For a look at all of today’s economic events, check out our economic calendar.

Bitcoin Is Dominated By A Bullish Attitude

In the early hours of Wednesday, the pioneer crypto asset was trading at $40,250, up 10.24% on the day. A percentage gain of this magnitude hasn’t been seen since June 9.

Bitcoin’s increasing trading volume helped fuel this move, as well as buyers’ interest.

A macro-driven system trapped the world’s most popular cryptocurrency. Traditional finance has been suffering from inflationary pressures, which has contributed to Bitcoin’s safe-haven narrative.

The price of the flagship crypto-asset found support above the $36,250 mark after a downside correction. After a base was formed, Bitcoin bulls began a new upward trend.

It was evident that the $38,000 and $38,500 resistance levels had been broken.

It is difficult for bulls to gain strength above $40,000, however. In the short term, gains could be accelerated if we close above this level.

Decent support is the price band of $39,250 on the downside. The next key support is near $38,500, below which the price could test $37,800.

Bitcoin’s market value surged to $753.6 Billion, or 48.71% of the total crypto market value.

At its highest price levels, Bitcoin’s market valuation was $1.184 Billion. During the day’s trading, the most prominent cryptocurrency ranged from $38,946 to $40,295.

In the last seven days, Bitcoin’s value has risen 34.41%. According to Coingecko, the volume of the flagship crypto asset traded on the day reached $36.6 Billion, representing 37.6% of the total value of crypto assets.

Currently, Bitcoin is down 37.79% from its all-time high of $64,778.04 set on April 14.

Experts expect an increase in price above $50,000 to further spur fresh flows and change the market’s broader trend.

The Crypto Daily – Movers and Shakers – July 28th, 2021

Bitcoin, BTC to USD, rallied by 6.00% on Tuesday. Following a 5.24% gain on Monday, Bitcoin ended the day at $39,500.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $36,418.0 before making a move.

Steering clear of the first major support level at $34,804, Bitcoin rallied to a late intraday high $39,589.0.

In spite of the late rally, Bitcoin fell short of the first major resistance level at $40,166.

The near-term bullish trend remained intact, supported by the latest return to $40,000 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 Tuesday.

Polkadot slid by 2.64%, with Crypto.com Coin falling by 0.50% to buck the trend on the day.

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

Chainlink rallied by 7.74% to lead the way once more.

Binance Coin (+3.21%), Bitcoin Cash SV (+4.06%), Ethereum (+3.23%), Litecoin (+2.78%), and Ripple’s XRP (+3.44%) also found strong support.

Cardano’s ADA (+2.00%) and trailed the front runners, however.

Early in the week, the crypto total market fell to a Monday low $1,379bn before rising to a Monday high $1,605bn. At the time of writing, the total market cap stood at $1,517bn.

Bitcoin’s dominance fell to a Monday low 47.07% before jumping to an early Wednesday high 48.79%. At the time of writing, Bitcoin’s dominance stood at 48.77%.

This Morning

At the time of writing, Bitcoin was down by 0.54% to $39,285.0. A mixed start to the day saw Bitcoin rise to an early morning high $39,590.4 before falling to a low $39,095.6.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin (+2.51%), Polkadot (+0.44%), and Ripple’s XRP (+0.21%) found early support.

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

At the time of writing, Chainlink was down by 0.71% to lead the way down.

BTCUSD 280721 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $38,502 pivot to bring the first major resistance level at $40,587 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 would likely cap any upside.

In the event of another 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 $41,673.

A fall through the $38,502 pivot would bring the first major support level at $37,416 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $35,331.

Bitcoin Gets Bumped Up but not Pumped Up

How After yesterday’s tremendous rise in Bitcoin and Bitcoin futures, today BTC gave up about half of Monday’s gains, and currently, as of 2 PM Eastern Standard Time, the most active August contract of BTC futures is trading down a little over 4% or $1625 on the day at $37,835.

tuesday chart #1

The description in the posting was worded in a way that had many believing that the juggernaut of e-commerce was looking into accepting cryptocurrency as a payment option in the future. This belief was enough to shift market sentiment, which at the time was extremely bearish. The result was the liquidation of over $950 million worth of crypto shorts which was enough to propel Bitcoin above $40,000 intraday on Monday.

The optimism was squelched when an Amazon spokesperson denied that the company would accept Bitcoin as a payment option this year. This brought pricing well off of the highs, but the statement did not state that Bitcoin wouldn’t be accepted in the following year or that another crypto isn’t being considered for a possible sooner integration. Nonetheless, when the announcement was made at around 4 PM Eastern Standard Time, Bitcoin’s price fell from its highs at around $40,000 down to approximately $37,750 in a single hour.

tuesday chart #2

On a technical basis, BTC futures still remain within the downward channel it has followed since the all-time highs in April. However, a few levels of resistance have now become areas of possible support. This includes the 50 and 200-day moving averages as well as the 2.618 Fibonacci extension at $33,000. As well as the current support level at the 50% retracement residing at $36,500. The volume levels in BTC had a dramatic spike today, giving the above-mentioned areas of support more validity.

Resistance remains at $40,000, and the ultimate support level at the 61.8% retracement of $29,750 has remained intact.

tuesday chart #3

Bitcoin Price Prediction – A Return to $40,000 Would Bring $45,000 into View

After Monday’s breakout session that fizzled out late in the day, Bitcoin and the broader market had a mixed session this morning.

At the time of writing, Bitcoin, BTC to USD, was up by 0.53%to $37,468.8.

A mixed start to the day saw Bitcoin rise to an early morning high $37,525.0 before hitting reverse

Falling well short of the first major resistance level at $40,166, Bitcoin fell back to an early morning low $36,418.0.

Steering clear of the first major support level at $34,804, however, Bitcoin found early support to return to $37,000 levels.

BTCUSD 270721 Hourly Chart

The Rest of the Pack

It has been another mixed morning for the broader crypto market.

At the time of writing, Crypto.com Coin was down by 2.09% to lead the way down.

Litecoin (-0.75%) and Polkadot (-1.16%) also bucked the trend early on.

It has been a bullish morning for the rest of the majors, however.

Through the morning, Chainlink was up by 3.00% to lead the way once more.

Binance Coin (+1.39%), Cardano’s ADA (+0.76%), Ethereum (+0.52%), and Ripple’s XRP (+1.34%) also found morning support.

Bitcoin Cash SV was flat for the morning, however.

Through the early hours, the crypto total market rose to an early morning high $1,465bn before falling to a low $1,417bn. At the time of writing, the total market cap stood at $1,464bn.

Bitcoin’s dominance fell to an early low 48.03% before rising to a high 48.43%. At the time of writing, Bitcoin’s dominance stood at 48.05%.

For the Afternoon Ahead

Bitcoin would need to move through the $37,699 pivot to bring the first major resistance level at $40,166 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 $40,595.0 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $45,000 before any pullback. The second major resistance level sits at $43,061. Bitcoin would need plenty of support, however, to breakout from the 38.2% FIB of $41,592.

Failure to move through the $37,699 pivot would bring the first major support level at $34,804 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$35,000 levels, however. The second major support level sits at $32,337.

Looking beyond the support and resistance levels, we saw the 50 EMA flatten on the 100 and 200 EMAs this morning. This led to the relatively range-bound session, with Bitcoin failing to break back through to $40,000 levels.

We saw the 100 EMA pull away from the 200 EMA, however, providing support to Bitcoin and the crypto bulls.

A further narrowing of the 50 on 100 and 200 EMAs this afternoon would bring sub-$36,000 levels into play.

Key going into the afternoon will be for Bitcoin to break through to $37,699 pivot to bring resistance levels into play.

Following late Monday’s reversal, Bitcoin would need to avoid sub-$35,000 levels else face a sharp pullback.

Bitcoin Pulls Back As Traders Take Profits After Rally

Resistance At $40,000 Stays Strong

Bitcoin failed to settle above the resistance at $40,000 and pulled back towards $37,000 as traders took some profits off the table after a major rally which took the world’s leading cryptocurrency from $30,000 to $40,000 in just six trading sessions.

Other cryptocurrencies are also moving lower after major upside moves. Ethereum is currently trying to settle below $2,000 while Dogecoin is testing the support level at $0.20.

At this point, it looks that the short squeeze is over, and Bitcoin will need additional upside catalysts to settle above the key resistance at $40,000. While the recent upside move was spectacular, Bitcoin will need to settle above the resistance at $40,000 to have a chance to develop sustainable upside momentum.

Technical Analysis

bitcoin july 27 2021

Bitcoin faced significant resistance near $40,000 and pulled back below $38,000. The nearest support level for Bitcoin is located at $36,000. In case Bitcoin manages to settle below this level, it will head towards the next support level near the 20 EMA at $35,000. RSI is in the moderate territory, and there is plenty of room to gain downside momentum after the major upside move.

In case Bitcoin declines below $35,000, it will head towards the next support at $34,000. A successful test of this level will open the way to the test of the support at $32,000.

On the upside, Bitcoin needs to settle back above $38,000 to have a chance to get to the test of the major resistance level at $40,000. If Bitcoin gets above this level, it will head towards the highs of the previous upside move at $41,300.

From a big picture point of view, Bitcoin continues to trade in a wide trading range between the support at $30,000 and the resistance at $40,000. Both levels look strong, and Bitcoin will need additional catalysts to gain momentum and get out of this trading range.

For a look at all of today’s economic events, check out our economic calendar.

Bitcoin Fork Explained

Since the Beginning

In response to the global financial crisis of 2008, Satoshi Nakamoto ventured into the unknown and delivered the global financial markets with Bitcoin and blockchain tech.

Bitcoin’s creator set on a path to bring to end the control that central banks held over the global financial markets.

The concept and ideology of blockchain and ultimately Bitcoin was to allow the community to advance the technology on a united front in a bid to bring down central banks and the world’s largest financial institutions.

Things have not turned out, perhaps, how Satoshi had intended.

Miners vs Developers

In order to police and keep Bitcoin and the blockchain world moving forward, Bitcoin and the crypto community, not only needed developers, but also miners to verify transactions on the Bitcoin network and other crypto networks.

In contrast to Satoshi’s ambition to decentralize, miners and developers, have on occasion, fallen into disagreement over blockchain enhancements and/or developments.

For Bitcoin, minors had cornered the market with mining farms, leaving want-to-be minors out in the cold. This also meant that the income stream was just too large to give up control. Decentralized became centralized in a matter of years.

As a result, the Bitcoin community and the crypto community became divided between those in search of crypto income and the ideologists looking to continue to prize control from governments, central banks, and the world’s largest financial institutions.

This divergence in view and intent ultimately led to the splitting of crypto communities. The crypto technical term for this being a “Fork.”

The Fork

In the crypto sphere, there are two types of forks that investors need to be concerned with. The first and generally of little impact to value and the broader market are soft forks.

In the event of a soft fork, only one blockchain remains valid, with users adopting the changes made to the blockchain.

By contrast, hard forks can have a material impact on price in the lead up and immediate aftermath of a fork.

In a hard fork event, both blockchains coexist. The coexistence occurs from nodes continuing to support the original blockchain.

In some instances, therefore, both blockchains can coexist and remain prominent in the crypto market place. This is when there is sufficient support for both the old and the new versions.

In some cases, however, nodes may eventually shift to the new version, leaving the old blockchain obsolete.

From an investor perspective, an important feature of a hard fork is that holders of the original crypto are awarded the new coins upon completion of the hard fork.

In the case of a successful hard fork, where both chains coexist, the value of the coins can increase substantially.

For this reason, anticipation and an eventual hard fork can have a material impact on price and crypto market volatility.

Since Bitcoin’s creation, the total number of cryptos in the market place have surged to a whopping 11,064 based on numbers from CoinMarketCap.

Notably, in spite of numerous soft and hard forks, Bitcoin (“BTC”) continues to be the dominant crypto.

The 2017 Convergence

Back in late 2017, we did see Bitcoin’s dominance converge with the likes of Ethereum. This coincided with Bitcoin’s first major hard fork, which resulted in the creation of Bitcoin Cash (“BCH”).

While Bitcoin Cash (“BCH”) enjoyed a lengthy period in the top 10 by market cap, a Bitcoin Cash hard fork in late 2018 led to the creation of Bitcoin Cash ABC and Bitcoin Cash SV.

The Bitcoin community have not been alone in dealing with hard forks.

Ethereum hard forked, leading to the creation of Ethereum Classic. In this case, Ethereum Classic maintained the old blockchain history. We also saw Litecoin hard fork, leading to the creation of Litecoin Cash.

In spite of disagreements between respective developers and the communities, however, Bitcoin, Ethereum, and Litecoin have all remained the dominant chain.

Lessons Learned

Major disagreements between developers and communities can lead to significant disruption. More importantly, market stability also comes into question.

Since the headline grabbing hard forks of Bitcoin, Ethereum, and Litecoin, the number of notable hard forks have fallen.

Developers and nodes working together to achieve Satoshi’s ambition of toppling central banks is now a more plausible outcome. Infighting had led to significant disruption and ultimately a marked decline in value.

Stability across the major crypto blockchains have supported the increased adoption. The increased adoption contributed to Bitcoin’s surge to an all-time high $64,829.0, struck in April 2021.

While volatility across the market place will unlikely abate anytime soon. The absence of hard forks and infighting, however, would serve the crypto community and investors well in the short to medium term.

Bitcoin Rejected at $40,000 Amid a Dwindling Bull Run

  • Bitcoin has seen meteoric growth in the past 24 hours as fueled by news from Amazon.
  • Despite the uptrend which stirred a growth of up to 15% in the latest run, the market bears rejected a push-up beyond the $40,000 resistance point.
  • Ethereum is also seeing a rejuvenation as it looks to breach the $2,500 price level.

Unique fundamentals unraveled in the past days have stirred a rejuvenation in the cryptocurrency industry. For a market that has been begging for a bullish awakening in months, the 8.65% in the global crypto market cap to $1.53 Trillion is perhaps enough to suggest a major rally may be brewing. This, however, is dependent on how Bitcoin and Ethereum can sustain their current growth trends.

Bitcoin Sees Impressive Price Growth and a Simultaneous Rejection

The premier cryptocurrency is currently changing hands at $38,282.8, up 9.84% according to data from CEX.IO the price feed. The news that Amazon is looking to hire a crypto expert to help chart its pursuit of accepting Bitcoin payments can be tipped as a major cause for this recent growth.

With the institutional backing which has seen the likes of Tesla, MicroStrategy, and recently SpaceX places a Bitcoin holding on their balance sheets set to be complemented with the Amazon push, market bulls went on an unbridled accumulation, pushing the price to a weekly and monthly high of $39,280.42.

The uptrend as seen on the BTC/USD 4h chart is attaining the peak at the current price level, suggesting a bear action that is repressing the price growth from crossing the $40,000. The RSI and MACD indicators are still showing positive signs of growth, and while we may see a little retracement, crossing the $40,000 resistance point remains the short-term target for investors.

Ethereum Maintaining a Steady Growth

At a current price of $2352.31 and a growth rate of 8.01% in the past 24 hours, Ethereum’s uptrend correlation with BTC was reiterated. However, unlike Bitcoin which has started seeing a gradual bear action, Ethereum bulls are pushing the coin to a new price point, such as has never be seen in the past month.

With prices trading above the short-term Moving Average, a sustained buyup can push Ethereum to the $2,500 to $3,000 price level in the coming weeks.

Today’s Market Wrap Up and a Glimpse Into Tuesday

Stocks started off the week strong, with all three of the major indices finishing at all-time highs. The gains are an extension of last week’s rally and demonstrate a vote of confidence among investors in corporate America’s earnings results. While the Dow Jones Industrial Average, S&P 500 and Nasdaq were up just fractionally, it was enough to send them all into record territory.

In the cryptocurrency markets, the bitcoin price crossed the USD 40,000 level for the first time in over a month, but the gains slowly faded away. Reports previously suggested that Amazon.com was on the brink of accepting bitcoin payments this year. The e-commerce giant, however, reportedly quashed those rumors despite maintaining that it is looking into crypto.

Stocks to Watch

Tesla’s highly anticipated Q2 earnings are out, and Elon Musk didn’t disappoint. The EV maker surpassed Wall Street estimates on earnings and revenue as Tesla continues to hit on all cylinders. Net income crossed over into the billion-dollar territory, which was a first for the company, while revenue came in at USD 11.9 billion vs. estimates of USD 11.3 billion.

Tesla, which delivered more than 200K vehicles in Q2, said it’s on track to produce its Model Y vehicles in Berlin and Austin, Texas this year. The Cybertruck will also be produced in Austin, Texas “subsequent to Model Y.”

Tesla’s stock is inching higher in extended-hours trading after gaining 2% in the regular session. Tesla also noted it “recorded a bitcoin-related impairment of USD 23 million.” The bitcoin price nosedived 40% in the second quarter of 2021.

F5 Networks is rallying in after-hours trading, with shares up more than 5%. Investors rewarded the technology company for its fiscal Q3 results, which came in better than Wall Street expected.

Cryptocurrency exchange Coinbase saw shares fall close to 2% in extended hours, perhaps in sympathy with bitcoin after the air was let out of the Amazon-fueled rally.

Look Ahead

Major technology companies are queued to report earnings on Tuesday, including Apple, Google parent Alphabet and Microsoft. Snap and Twitter’s quarterly results last week revealed a strong online advertising market that is likely to have benefited Alphabet as well.

On the economic front, Durable Good Orders for the month of June come out at 10 a.m. ET on Tuesday. Wells Fargo economists predict that this indicator increased 2.3% last month fueled in part by orders for Boeing aircraft.