The Crypto Daily – Movers and Shakers -01/05/20

Bitcoin fell by 1.71% on Thursday. Partially reversing Wednesday’s 13.26% rally, Bitcoin ended the day at $8,631.8. For April, Bitcoin ended the month up by 34.26%.

Another particularly bullish day saw Bitcoin rally to a mid-morning intraday high $9,441.9 before hitting reverse.

Bitcoin broke through the first major resistance level at $9,229.46 before sliding to a late afternoon intraday low $8,416.0.

Steering clear of the first major support level at $8,016.47, Bitcoin recovered to $8,800 levels before falling back into the red.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was a bearish day for the pack on Thursday.

Cardano’s ADA (-7.87%), Monero’s XMR (-6.05%), Ripple’s XRP (-6.49%), Stellar’s Lumen (-6.13%), Tezos (-6.33%), and Tron’s TRX (-6.19%) struggled on the day.

Binance Coin (-2.53%), Bitcoin Cash SV (-0.49%), Bitcoin Cash ABC (-2.62%), EOS (-5.78%), Ethereum (-4.41%), and Litecoin (-5.06%) saw more modest losses on the day.

It was a different story for the month of April, however, with the crypto majors finding strong support.

Tezos and Stellar’s Lumen led the way, with gains of 71.10% and 66.40% respectively in April. Cardano’s ADA and Ethereum weren’t far behind, with the pair rallying by 56.01% and 54.97% respectively.

Binance Coin (+34.92%), Bitcoin Cash SV (+24.84%), EOS (+27.59%), Monero’s XMR (+30.50%), Ripple’s XRP (+21.54%), and Tron’s TRX (+30.87%) also found strong support.

Bitcoin Cash ABC and Litecoin trailed the pack with more modest gains of 14.02% and 18.34% respectively.

Through the current week, the crypto total market cap rose from a Monday low $220.56bn to a Thursday high $263.29bn. At the time of writing, the total market cap stood at $242.99bn.

Bitcoin’s dominance recovered to 64% levels following Wednesday’s breakout before breaking through to 65% levels. At the time of writing, Bitcoin’s dominance stood at 65.5%.

24-hour trading volumes rose from sub-$130bn levels to a Thursday high $253.89bn before easing back. At the time of writing, 24-hr volumes stood at $229.09bn.

This Morning

At the time of writing, Bitcoin was up by 0.77% to $8,698.5. A bullish start to the day saw Bitcoin rise from an early morning low $8,626.5 to a high $8,704.5.

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

Elsewhere, it was also a bullish start to the day for the majors. Stellar’s Lumen (+1.52%), Cardano’s ADA (+1.20%), and Ethereum (+1.06%) led the way early on.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $8,830 levels to support a run at the first major resistance level at $9,243.8.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,000 levels.

Barring an extended crypto rally, the first major resistance level would likely limit any upside on the day.

In the event of another breakout, the second major resistance level at $9,855.8 and $10,000 levels would come into play.

Failure to move through to $8,830 levels could see Bitcoin struggle later in the day.

A fall back through to sub-$8,400 levels would bring the first major support level at $8,217.90 into play.

Barring a crypto meltdown, however, Bitcoin should steer of sub-$8,000 support levels.