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The Crypto Daily – Movers and Shakers – April 12th, 2021
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It's a mixed start to the week for the majors. A Bitcoin move back through to $60,500 levels would support the broader market.
In this article:
Bitcoin, BTC to USD, rose by 0.36% on Sunday. Following on from a 2.89% gain on Saturday, Bitcoin ended the week up by 3.08% to $60,032.0.
A bullish start to the day saw Bitcoin rise to an early morning intraday high $60,722.0 before hitting reverse.
Falling short of the first major resistance level at $61,403, Bitcoin fell to an early afternoon intraday low $59,308.0.
Steering clear of the first major support level at $58,060, Bitcoin revisited $60,200 levels before easing back.
The near-term bullish trend remained intact supported by the latest move back through to $61,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Sunday.
Crypto.com Coin fell by 2.32% to lead the way down.
Litecoin (-1.49%), Polkadot (-1.02%), and Ripple’s XRP (-1.32%) also saw red.
It was a bullish day for the rest of the majors, however.
Binance Coin rallied by 11.55% to lead the way.
Cardano’s ADA (+3.81%) and Chainlink (+6.00%) also making solid gains.
Bitcoin Cash SV (+1.59%), and Ethereum (+0.82%) also joined Bitcoin in the green.
For the week, it was also mixed for the majors.
Polkadot slid by 9.51%, with Crypto.com Coin falling by 0.19% to buck the trend.
It was a bullish week for the rest of the majors.
Ripple’s XRP led the way, surging by 113.1%, with Binance Coin jumping by 50.6%.
Bitcoin Cash SV (+20.59%) and Litecoin (+24.81%) also made solid gains in the week.
Cardano’s ADA (+6.84%), Chainlink (+10.03%), and Ethereum (+3.58%) trailed the front runners, however.
In the week, the crypto total market fell to a Wednesday low $1,782bn before rising to a Saturday high $2,064bn. At the time of writing, the total market cap stood at $2,000bn.
Bitcoin’s dominance rose to a Monday high 58.43% before falling to a Sunday low 55.13%. At the time of writing, Bitcoin’s dominance stood at 55.70%.
This Morning
At the time of writing, Bitcoin was down by 0.49% to $59,738.1. A mixed start to the day saw Bitcoin rise to an early morning high $60,406.0 before falling to a low $59,669.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV (+0.41%), Cardano’s ADA (+0.86%), and Crypto.com Coin (+0.90%) bucked the trend early on.
It was a bearish start for the rest of the majors, however.
At the time of writing, Litecoin was down by 1.08% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the pivot level at $60,021 to bring the first major resistance level at $60,733 into play.
Support from the broader market would be needed for Bitcoin to break through Sunday’s high $60,722.0.
Barring an extended crypto rally, the first major resistance level and resistance $61,000 would likely cap any upside.
In the event of another extended crypto rally, Bitcoin could test resistance at the March swing hi $61,699 before any pullback. The second major resistance level sits at $61,435.
Failure to move back through the $60,021 pivot would bring the first major support level at $59,319 into play.
Barring another extended sell-off on the day, Bitcoin should steer well clear of the second major support level at $58,607.
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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