The Crypto Daily – Movers and Shakers – April 7th, 2021

Bitcoin, BTC to USD, fell by 1.95% on Tuesday. Reversing a 1.55% gain from Monday, Bitcoin ended the day at $57,991.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $59,499.0 before hitting reverse.

Falling short of the first major resistance level at $59,980, Bitcoin fell to an early afternoon intraday low $57,401.0.

Bitcoin fell through the first major support level at $57,580 before briefly revisiting $58,200 levels.

Failing to move back through to $59,000 levels, Bitcoin eased back to end the day at sub-$58,000 levels.

The near-term bullish trend remained intact supported by the recovery from sub-$55,000 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 Tuesday.

Crypto.com Coin and Polkadot slid by 7.12% and by 3.57% to buck the trend and join Bitcoin in the red.

It was a bullish day for the rest of the majors, however.

Ripple’s XRP jumped by 19.75% to lead the pack, with Binance Coin  (+9.63%), Chainlink (+7.38%), and Litecoin (+7.08%) also on the move.

Bitcoin Cash SV (+1.79%), Cardano’s ADA (+3.40%), and Ethereum (+0.26%) trailed the front runners, however.

In the current week, the crypto total market fell to a Monday low $1,815bn before rising to a Tuesday high $1,992bn. At the time of writing, the total market cap stood at $1,928bn.

Bitcoin’s dominance rose to a Monday high 58.43% before falling to a Tuesday low 55.77%. At the time of writing, Bitcoin’s dominance stood at 56.31%.

This Morning

At the time of writing, Bitcoin was up by 0.24% to $58,133.0. A mixed start to the day saw Bitcoin fall to an early morning low $57,958.0 before rising to a high $58,189.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.46%), Polkadot (-0.61%), and Ripple’s XRP (-0.29%) saw red to buck the trend early on.

It was a bullish start to the day for the rest of the majors, however.

At the time of writing, Crypto.com Coin and Litecoin were up by 1.89% and by 1.73% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $58,297 to bring the first major resistance level at $59,193 into play.

Support from the broader market would be needed for Bitcoin to break back through to $59,000 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $59,500 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the March swing hi $61,699 before any pullback. The second major resistance level sits at $60,395.

Failure to move through the $58,297 pivot would bring the first major support level at $57,095 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $56,199.