The Crypto Daily – Movers and Shakers – April 4th, 2021It’s a choppy start to the day for the majors. A Bitcoin move through to $58,500 should support the broader market.
Bitcoin, BTC to USD, slid by 3.29% on Saturday. Reversing a 0.39% gain from Friday, Bitcoin ended the day at $57020.0.
A bullish start to the day saw Bitcoin rise to a late morning intraday high $59,841.0 before hitting reverse.
Falling short of the first major resistance level at $60,000, Bitcoin slid to a final hour intraday low $56.872.0.
Bitcoin fell through the first major support level at $58,128 and the second major resistance level at $57,297.
Finding late support, Bitcoin moved back through to $57,000 levels to reduce the deficit on the day.
In spite of the move back through to $57,000 levels, Bitcoin failed to break back through the second major support level.
The near-term bullish trend remained intact supported by the March gain. 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 Saturday.
Polkadot rallied by 4.17% to buck the trend on the day.
It was a bearish day for the rest of the majors, however.
Crypto.com Coin ended the day flat, however.
In the current week, the crypto total market fell to a Monday low $1,671bn before rising to a Saturday high $1,932bn. At the time of writing, the total market cap stood at $1,802bn.
Bitcoin’s dominance rose to a Wednesday high 61.34% before falling to a Saturday low 57.79%. At the time of writing, Bitcoin’s dominance stood at 58.86%.
At the time of writing, Bitcoin was down by 0.66% to $56,642.2. A bearish start to the day saw Bitcoin fall from an early morning high $57,030.0 to a low $56,550.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bearish start to the day.
At the time of writing, Crypto.com Coin was down by 6.50% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the pivot level at $57,911 to bring the first major resistance level at $58,950 into play.
Support from the broader market would be needed for Bitcoin to break out from $58,500 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $59,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at 14th March swing hi $61,699.0 before easing back. The second major resistance level sits at $60,880.
Failure to move through the $57,911 pivot would bring the first major support level at $55,981 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$55,000 support levels. The second major support level sits at $54,942.