The Crypto Daily – Movers and Shakers – April 5th, 2021It’s a mixed start to the day for the crypto majors. A Bitcoin move through to $58,500 levels would support the broader market.
Bitcoin, BTC to USD, rose by 2.12% on Sunday. Partially reversing a 3.29% fall from Saturday, Bitcoin ended the week up by 4.40% to $58,240.2.
A bearish start to the day saw Bitcoin fall to an early morning intraday low $56,500.0 before making a move.
Steering clear of the first major support level at $55,981.0, Bitcoin rallied to a mid-afternoon intraday high $58,480.0.
Falling short of the first major resistance level at $58,950.0, Bitcoin slipped back to sub-$58,000 levels.
Finding late support, however, Bitcoin move back through to $58,200 levels to end the day in the green.
The near-term bullish trend remained intact supported by the recovery to $58,000 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 1.95% to buck the trend on the day.
It was a bullish day for the rest of the majors, however.
It was also a mixed week for the crypto majors.
Cardano’s ADA slipped by 0.65% to buck the trend.
It was a bullish week for the rest of the pack, however.
Binance Coin (+29.93%) and Polkadot (+31.58%) led the way, with Ethereum rallying by 23.09%.
Bitcoin Cash SV (+14.66%), Chainlink (+15.29%), and Ripple’s XRP (+16.11%) also made solid gains.
Crypto.com Coin (+4.97%) trailed the front runners, however.
In the 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 $1,872bn.
Bitcoin’s dominance rose to a Wednesday high 61.34% before falling to a Sunday low 57.67%. At the time of writing, Bitcoin’s dominance stood at 58.01%.
At the time of writing, Bitcoin was down by 0.09% to $58,185.0. A mixed start to the day saw Bitcoin rise to an early morning high $58,430.0 before falling to a low $58,049.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Ripple’s XRP was down by 1.28% to lead the way down.
Binance Coin (-0.30%), Cardano’s ADA (-0.26%), and Ethereum (-0.19%) also joined Bitcoin in the red.
It was a bullish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was up by 1.66% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $57,740 to bring the first major resistance level at $58,980 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 $59,720.
Failure to avoid a fall through the $57,740 pivot would bring the first major support level at $57,000 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 at $55,760 should limit the downside.