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The U.S Crypto Morning Session – May 21st, 2021

By:
Bob Mason
Published: May 21, 2021, 09:08 UTC

It's a bearish start to the day for Bitcoin and the broader market. A move back through the 38.2% FIB of $41,592 would support the broader market.

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In this article:

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

Cardano’s ADA (-5.00%), Chainlink (-5.33%), and Ripple’s XRP (-4.86%) also seeing heavy losses.

Binance Coin (-3.26%), Ethereum (-2.50%), and Litecoin (-3.67%) weren’t far behind, however.

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.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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