  Everything you need to make sense of the crypto markets and beyond By the CoinDesk Markets Team Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets July 22, 2021 Sponsored by  (Price data as of July 22 @11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
Good morning, and welcome to First Mover. Here's what's happening this morning:
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– Lawrence Lewitinn
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: Losers:
The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges.
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Market Moves by Omkar Godbole Bitcoin Looks North After Biggest Single-Day Rise in More Than a Month Bitcoin appears to have found its footing after Wednesday's near 10% rise, the biggest gain since July 17, and may soon challenge the upper end of its months-long trading range of $30,000 to $40,000.
"We are now short-term bullish to the topside against the $30,000 region triple-bottom with strong bullish divergence," Singapore-based QCP Capital said. "In addition to this, the market is short gamma to the topside – a break above $35,000-$36,000 could trigger a quick short squeeze towards the $40,000-$42,000 range top."
Bitcoin bears have failed at least three times in the past two months to establish a foothold under $30,000. While prices did close (UTC) below the key support earlier this week, Wednesday's jump to $32,000 negated the bearish breakdown.  Bitcoin triple bottom plus bullish RSI divergence (Source: QCP Capital, TradingView) The persistent defense of the $30,000 mark has taken the shape of a so-called triple bottom pattern on the daily chart, which also shows a bullish divergence of the relative strength index (RSI). The pattern occurs when the indicator prints higher lows, contradicting weakness in price, and is a signal of seller exhaustion and scope for a price bounce.
The 50-day simple moving average (SMA) at $34,500 may offer immediate resistance. According to Katie Stockton, founder and managing partner of Fairlead Strategies, a breakout above the 50-day SMA would target the 200-day SMA near $44,000.
Patrick Heusser, head of trading at Crypto Finance, also pointed to $35,000 as a critical level. "Orderbook flow looks good, but a lot of stale selling orders are coming up in the $35,000 area, which still need to be cleared," Heusser said.
Lastly, market participants who went "short gamma" by selling call options – or insurance against bullish moves – at or above $35,000 over the past few weeks may resort to hedging, that is buying spot or futures, if prices rise above $35,000.
That, in turn, may bolster the bullish move, possibly yielding a test of $40,000-$42,000, as anticipated by QCP Capital. Being short gamma means being an option writer (seller) regardless of whether call or put. Traders typically write options when they expect the underlying asset to see low-volatility consolidation.
Bitcoin is currently trading near $31,800, representing a 1% drop on the day, according to CoinDesk 20.
The cryptocurrency rose from $29,800 to over $32,000 yesterday on a string of bullish news. The day ended with tech entrepreneur and provocateur Elon Musk saying that his aerospace company, SpaceX, holds bitcoin (BTC). Musk also said that he owns bitcoin, ether (ETH), and dogecoin (DOGE) and added that Tesla might relist bitcoin as a payments alternative. Read the original story here: Bitcoin Looks North After Biggest Single-Day Rise in More Than a Month
 The CoinDesk Quarterly Review 2021 Q2
Most CoinDesk 20 assets, which constitute 99% of the crypto market by verifiable volume, ended the quarter with negative returns. Meanwhile, protocol development for the world's largest cryptocurrencies by market capitalization, Bitcoin and Ethereum, reached new milestones. CoinDesk Research's latest Quarterly Review dives into the trends, developments and technological progress that shaped the crypto markets from April to June 2021. The full report is now available from the CoinDesk Research Hub.
Technician's Take by Damanick Dantes, CMT  Bitcoin Stalls at Resistance; Minor Support Nearby Bitcoin (BTC) pulled back after approaching initial resistance at $32,000. Short-term momentum is improving, which could keep buyers active above the $30,000 support level as bullish sentiment returns.
Buyers have consistently taken profits along the intermediate-term downtrend defined by a series of lower price highs on the charts. There is strong resistance around $32,000-$34,000, which could limit upside price moves.
Bitcoin was trading around $31,700 at press time and is roughly flat over the past week.  Bitcoin four-hour chart shows short-term support and resistance levels with RSI (Source: TradingView)
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BOLO Be on the look out for some of these upcoming events:
 The cryptocurrency movement has never been so sprawling, reaching every corner of the planet. Crypto State by CoinDesk aims to connect with local communities to explore this movement of financial disruption and how it trickles down to every corner of the globe, from DeFi investment opportunities to alternative ways to transact and store wealth. We're making virtual stops with audiences in Nigeria, the Middle East and Southeast Asia this year. Register for the Crypto State virtual tour.
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
"First Mover" is joined by Polygon Co-founder and COO Sandeep Nailwal as the company launches "Polygon Studios" to grow blockchain gaming and NFTs. Jake Brukhman, a managing partner for CoinFund, shares his take on bitcoin's recent price movements as his company debuts an $83 million venture fund. Ethereum Co-founder Anthony Di Iorio shares his thoughts on potentially leaving crypto.
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