The Crypto Daily – Movers and Shakers – April 19th, 2021After yesterday’s sell-off, a Bitcoin move back through to $60,000 levels would deliver support to the broader market.
Bitcoin, BTC to USD, slid by 6.29% on Sunday. Following on from a 2.27% decline on Saturday, Bitcoin ended the week down by 6.43% to $56,172.0.
A bullish start to the day saw Bitcoin rise to an early morning intraday high $60,279.0 before hitting reverse.
Falling short of the first major resistance level at $61,197, Bitcoin tumbled to an early morning intraday low $50,500.0.
The extended sell-off saw Bitcoin fall through the major support levels
Finding support at the 23.6% FIB of $50,473, Bitcoin broke back through the third major resistance level at $55,104 to end the day at $56,100 levels.
The near-term bullish trend remained intact in spite of the slide back to $50,500 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $27,237 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a bearish day on Sunday.
It was also a mixed week for the majors in the week ending 18th April.
Binance Coin slid by 8.23%, with Crypto.com Coin falling by 5.08% to join Bitcoin in the red.
It was a bullish week for the rest of the majors, however.
Bitcoin Cash SV jumped by 25.25% to lead the way, with Polkadot rallying by 15.72%.
Cardano’s ADA (+1.32%), Ethereum (+4.23%), Litecoin (+8.68%), and Ripple’s XRP (+4.67%) also ended the week in positive territory.
In the week, the crypto total market rose to a Friday high $2,305bn before sliding to a Sunday low $1,755bn. At the time of writing, the total market cap stood at $2,019bn.
Bitcoin’s dominance rose to a Monday high 56.61% before falling to a Saturday low 51.37%. At the time of writing, Bitcoin’s dominance stood at 52.52%.
At the time of writing, Bitcoin was up by 0.81% to $56,625.1. A mixed start to the day saw Bitcoin fall to an early morning low $55,709.0 before rising to a high $56,666.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Polkadot (-0.77%) and Ripple’s XRP (-0.55%) saw red to buck the trend early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Chainlink was up by 3.69% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $55,650 to bring the first major resistance level at $60,801 into play.
Support from the broader market would be needed for Bitcoin to break back through to $60,000 levels.
Barring an extended crypto rally, the first major resistance level and Sunday’s high $60,279.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at Wednesday’s swing hi $64,829.0 before any pullback. The second major resistance level sits at $65,429.
Failure to avoid a fall through the $55,650 pivot would bring the first major support level at $51,022 and the 23.6% FIB of $50,473 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$50,000 levels. The second major support level sits at $45,871.