The Crypto Daily – Movers and Shakers – August 23rd, 2021
Bitcoin, BTC to USD, rose by 0.88% on Sunday. Reversing a 1.01% decline on Saturday, Bitcoin ended the week up by 4.77% to $49,266.0.
After a range-bound start to the day, Bitcoin rose to a late morning high $49,469.0 before hitting reverse.
Falling short of the first major resistance level at $49,677, Bitcoin fell to a mid-afternoon intraday low $48,086.0.
Bitcoin fell through the first major support level at $46,108 before a late rally to an intraday high $49,488.0.
Continuing to fall short of the first major resistance level, Bitcoin eased back to end the day at sub-$49,300 levels.
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 mixed day on Sunday.
It was a bullish day for the rest of the majors.
Cardano’s ADA rallied by 11.10% to lead the way.
For the week ending 22nd August, it was also a mixed week for the majors.
Cardano’s ADA jumped by 24.87% to lead the way, with Polkadot rallying by 14.06%.
Binance Coin (+8.32%), Chainlink (+0.47%), and Crypto.com Coin (+3.19%) also joined Bitcoin in the green.
It was a bearish week for the rest of the majors, however.
Bitcoin Cash (-2.06%), Ethereum (-2.10%), Litecoin (-0.65%), and Ripple’s XRP (-4.55%) ended the week in the red.
In the 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 $2,082bn.
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 44.56%.
At the time of writing, Bitcoin was up by 0.09% to $49,310.0. A mixed start to the day saw Bitcoin fall to an early morning low $49,246.2 before rising to a high $49,439.9.
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 1.33% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $48,947 pivot to bring the first major resistance level at $49,807 into play.
Support from the broader market would be needed for Bitcoin to break back through to $49,500 levels.
Barring a broad-based crypto rally, the first major resistance level and resistance at $50,000 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 $50,349.
A fall through the $48,947 pivot would bring the first major support level at $48,405 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$47,000 levels. The second major support level $47,545 should limit the downside.