The Crypto Daily – Movers and Shakers – August 20th, 2021
Bitcoin, BTC to USD, rose by 4.57% on Thursday. Following a 0.06% gain on Wednesday, Bitcoin ended the day at $46,765.0.
A choppy start to the day saw Bitcoin fall to an early morning intraday low $43,992.0 before making a move.
Finding support at the first major support level at $43,988, Bitcoin rallied to a late intraday high $47,061.0.
Bitcoin broke through the first major resistance level at $45,732 and the second major resistance level at $46,743.
A late pullback, however, saw briefly Bitcoin fall back through the second major resistance level before ending the day at sub-$46,760 levels.
The near-term bullish trend remained intact, supported by the latest return to $48,000 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 bullish day on Thursday.
In the current week, the crypto total market rose to a Monday high $2,061bn before falling to a Wednesday low $1,832bn. At the time of writing, the total market cap stood at $2,010bn.
Bitcoin’s dominance fell to a Tuesday low 43.67% before rising to a Wednesday high 45.35%. At the time of writing, Bitcoin’s dominance stood at 44.17%.
At the time of writing, Bitcoin was up by 1.06% to $47,263.0. A mixed start to the day saw Bitcoin fall to an early morning low $46,647.0 before rising to a early morning high $47,407.4.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Cardano’s ADA (-0.74%), Polkadot (-0.42%), and Ripple’s XRP (-0.45%) bucked the early trend.
It was a bullish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was up by 3.00% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $45,939 pivot to bring the first major resistance level at $47,887 into play.
Support from the broader market would be needed for Bitcoin to break out from $47,500 levels.
Barring a broad-based crypto rally, the first major resistance level and resistance at $48,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $50,000 levels before any pullback. The second major resistance level sits at $49,008.
A fall through the $45,939 pivot would bring the first major support level at $44,818 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$44,000 levels. The second major support level sits at $42,870.