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The Crypto Daily – Movers and Shakers – August 22nd, 2021

By:
Bob Mason
Updated: Aug 22, 2021, 01:07 UTC

It's been a relatively positive start to the day for the majors, following Saturday's pullback. A Bitcoin move back through to $49,500 levels would support the broader market.

Bitcoin coin on white keyboard

In this article:

Bitcoin, BTC to USD, fell by 1.01% on Saturday. Partially reversing a 5.48% rally from Friday, Bitcoin ended the day at $48,837.0.

After a range-bound start to the day, Bitcoin fell to a late morning intraday low $48,219.0 before making a move.

Steering clear of the of the first major support level at $47,518, Bitcoin rallied to a late afternoon intraday high $49,788.0.

Falling short of the first major resistance level at $50,271, however, Bitcoin slid back to sub-$49,000 and into the red.

The near-term bullish trend remained intact, supported by the latest return to $49,000 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 bearish day on Saturday.

Bitcoin Cash SV and Ripple’s XRP led the way down, with losses of 3.25% and 3.57% respectively.

Chainlink (-2.89%), Ethereum (-1.83%), and Litecoin (-2.11%) also struggled.

Binance Coin (-1.29%), Cardano’s ADA (-0.75%), Crypto.com Coin (-0.73%), and Polkadot (-0.06%) saw relatively modest losses, however.

In the current week, the crypto total market fell to a Wednesday low $1,832bn before rising to a Saturday high $2,124bn. At the time of writing, the total market cap stood at $2,062bn.

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 44.55%.

This Morning

At the time of writing, Bitcoin was up by 0.03% to $48,854.0. A mixed start to the day saw Bitcoin fall to an early morning low $48,692.5 before rising to a high $48,998.7.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV was down by 0.72% to buck the trend at the start of the day.

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

At the time of writing, Polkadot was up by 1.45% to lead the way.

BTCUSD 220821 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the $48,948 pivot to bring the first major resistance level at $49,667 into play.

Support from the broader market would be needed for Bitcoin to break out from $49,500 levels.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $49,788.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $50,517.

Failure to move back through the $48,948 pivot would bring the first major support level at $48,108 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$47,000 levels. The second major support level $47,379 should limit the downside.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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