The U.S Crypto Morning Session – May 21st, 2021
It’s been a bearish start for Bitcoin and the broader crypto market. After Wednesday’s PBoC driven sell-off, the majors had failed to recoup their losses on Thursday.
Through the early hours of this morning, Bitcoin was back down at sub-$40,000, giving up gains from the start of the day.
At the time of writing, Bitcoin, BTC to USD, was down by 1.65% to $39,891.0. Through the early hours, UTC, Bitcoin rose to a current day high $42,298.1 sliding to a mid-morning low $39,333.0.
While falling short of the first major resistance level at $43,579, Bitcoin broke through the 38.2% FIB of $41,592 early on.
The Rest of the Pack
Across the rest of the majors, it has been a mixed morning on Friday.
Crypto.com Coin was up by 3.72% to buck the trend through the early hours.
It was a bearish start for the rest of the majors, however.
Bitcoin Cash SV was down by 10.91% to lead the way down, with
Through the early hours, the crypto total market rose to an early morning high $1,827bn before falling to a low $1,684bn. At the time of writing, the total market cap stood at $1,718bn.
Bitcoin’s dominance fell to an early morning low 43.09% before rising to a high 43.77%. At the time of writing, Bitcoin’s dominance stood at 43.68%.
For the Day Ahead
Bitcoin would need to avoid a fall through the $39,282 pivot to support another run at the 38.2% FIB of $41,592.
Barring an extended rally through the early afternoon, Bitcoin will likely come up short of the first major resistance level at $43,579.
A move back through the $42,000 levels, however, would bring $45,000 levels and the second major resistance level at $46,597 into play.
A fall through the $39,282 pivot would bring the first major support level at $36,264 into play.
Barring another extended sell-off throughout the day, Bitcoin should steer clear of sub-$35,000 levels. The second major support level sits at $31,967.