The Crypto Daily – Movers and Shakers – July 1st, 2020

Bitcoin fell by 0.48% on Tuesday. Partially reversing a 0.76% gain from Monday, Bitcoin ended June down by 3.18% to $9,150.8. While down for the month, Bitcoin surged by 42.33% in the 2nd quarter…

It was a mixed start to the day for Bitcoin. In the early hours, Bitcoin rose to an early morning high intraday high $9,206.5 before hitting reverse.

Falling short of the first major resistance level at $9,286.23, Bitcoin slid to an early afternoon intraday low $9,077.0.

Steering clear of the first major support level at $9,060.33, Bitcoin revisited $9,190 levels before easing back into the red.

The near-term bullish trend remained intact in spite of the recent 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 Tuesday.

Stellar’s Lumen and Tron’s TRX rose by 2.85% and 1.17% respectively to buck the trend.

It was a bearish end to the month for the rest of the majors.

Tezos led the way down, with a 2.19% loss.

Bitcoin Cash ABC (-1.65%), Bitcoin Cash SV (-1.17%), Cardano’s ADA (-1.04%), Ethereum (-1.02%), Litecoin (-1.70%), and Ripple’s XRP (-1.07%) also struggled.

Binance Coin (-0.52%), EOS (-0.51%), and Monero’s XMR (-0.87%) saw relatively modest losses on the day.

For the month of June, it was also a mixed bag.

Cardano’s ADA and Tron’s TRX bucked the trend, with gains of 12.27% and 3.82% respectively.

Bitcoin Cash SV (-18.07%), Ripple’s XRP (-13.21%), and Tezos (-15.97%) led the way down.

Binance Coin (-9.95%), Bitcoin Cash ABC (-7.54%), and Litecoin (-9.66%) also struggled.

Ethereum (-2.57%), Monero’s XMR (-2.07%), and Stellar’s Lumen (-4.18%) saw relatively modest losses.

It was also a mixed 2nd quarter for the crypto majors.

Cardano’s ADA led the way, surging by 172.45%.

Binance Coin (+22.43%), Ethereum (+69.43%), Monero’s XMR (+33.05%), Stellar’s Lumen (+65.45%), Tezos (+46.32%), and Tron’s TRX (+41.46%) also saw solid gains.

Bitcoin Cash ABC (+1.26%), EOS (+6.98%), Litecoin (+5.03%), and Ripple’s XRP (+0.91%) trailed the pack.

Bucking the trend in the quarter, was Bitcoin Cash SV, however, which fell by 4.63%.

Through the current week, the crypto total market cap fell to a Monday low $250.49bn before rising to a Monday high $258.71bn. At the time of writing, the total market cap stood at $254.52bn.

Bitcoin’s dominance rose to a Monday high 66.29% before falling to a low 65.79%. At the time of writing, Bitcoin’s dominance stood at 66.04%.

This Morning

At the time of writing, Bitcoin was down by 0.17% to $9,134.9. A bearish start to the day saw Bitcoin fall from an early morning high $9,150.6 to a low $9,109.4.

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

Elsewhere, it was a mixed start to the day.

Binance Coin bucked the trend early on, rising by 0.39%.

It was a bearish start to the quarter for the rest of the majors.

At the time of writing, Stellar’s Lumen was down by 0.97% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $9,145 pivot to support a run at the first major resistance level at $9,212.47.

Support from the broader market would be needed, however, for Bitcoin to break out from Tuesday’s high $9,206.5.

Barring an extended crypto rebound, the first major resistance level and Tuesday’s high would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,274.23 and $9,300 levels before any pullback.

Failure to move through the $9,145 pivot level could see Bitcoin struggle on the day.

A fall back through to sub-$9,100 would bring the first major support level at $9,082.97 into play.

Barring an extended crypto sell-off, Bitcoin should avoid the 23.6% FIB of $8,900. The second major support level at $9,015.23 should limit any downside on the day.


This article was originally posted on FX Empire