The Crypto Daily – Movers and Shakers – August 11th, 2021

Bitcoin, BTC to USD, fell by 1.44% on Tuesday. Partially reversing a 5.71% rally from Monday, Bitcoin ended the day at $45,612.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $46,695.0 before hitting reverse.

Falling short of the first major resistance level at $47,550, Bitcoin slid to a late afternoon intraday low $44,635.0.

Steering clear of the first major support level at $43,902, however, Bitcoin revisited $45,800 levels before easing back.

The near-term bullish trend remained intact, supported by the latest return to $46,000 levels. For the bears, Bitcoin would need a sustained fall 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 mixed day on Tuesday.

Bitcoin Cash SV (-0.54%), Ethereum (-0.64%), and Litecoin (-0.52%) joined Bitcoin in the red.

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

Cardano’s ADA rallied by 13.74% to lead the way, with Binance Coin (+4.96%) and Ripple’s XRP (+4.31%) also making solid gains.

Chainlink (+1.43%), Crypto.com Coin (+0.45%), and Polkadot (+1.71%) trailed the front runners, however.

Early in the week, the crypto total market fell to a Monday low $1,696bn before rising to a Tuesday high $1,897bn. At the time of writing, the total market cap stood at $1,848bn.

Bitcoin’s dominance rose to a Monday high 47.44% before falling to a Tuesday low 46.27%. At the time of writing, Bitcoin’s dominance stood at 46.43%.

This Morning

At the time of writing, Bitcoin was up by 0.14% to $45,676.0. A mixed start to the day saw Bitcoin fall to an early morning low $45,486.0 before rising to a high $45,687.0.

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

Elsewhere, it was a bullish start to the day.

At the time of writing, Crypto.com Coin was up by 1.79% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $45,647 pivot to bring the first major resistance level at $46,660 into play.

Support from the broader market would be needed for Bitcoin to break back through to  $46,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $46,695.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $48,000 before any pullback. The second major resistance level sits at $47,707.

Failure to move through the $45,647 pivot would bring the first major support level at $44,600 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$43,000 levels. The second major support level at $43,587 should limit the downside.