The Crypto Daily – Movers and Shakers – August 25th, 2021

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Updated: Aug 25, 2021, 01:28 UTC

After a particularly bearish day for Bitcoin and the majors on Tuesday, Bitcoin would need to move back through to $49,000 levels to provide support.

E-coins on tablet computer with charts on screen

The Rest of the Pack

Across the rest of the majors, it was a bearish day on Tuesday.

Chainlink slid by 9.86% to lead the way down, with Litecoin (-7.18%) and Ripple’s XRP (-8.63%) ending the day in the deep red.

Binance Coin (-5.56%), Cardano’s ADA (-6.72%), Ethereum (-4.55%), and Polkadot (-6.62%) also struggled.

Bitcoin Cash SV (-2.38%) and Crypto.com Coin (-1.65%) saw relatively modest losses on the day.

Early in the week, the crypto total market rose to a Monday high $2,169bn before falling to a Tuesday low $1,989bn. At the time of writing, the total market cap stood at $2,034bn.

Bitcoin’s dominance fell to a Tuesday low 43.64% before rising to a Tuesday high 44.96%. At the time of writing, Bitcoin’s dominance stood at 44.34%.

This Morning

At the time of writing, Bitcoin was up by 0.60% to $48,000.0. A mixed start to the day saw Bitcoin fall to an early morning low $47,655.0 before rising to a high $48,135.2.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV and Crypto.com Coin were down by 0.58% and by 1.20% to buck the early trend.

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

At the time of writing, Cardano’s ADA was up by 1.86% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $48,376 pivot to bring the first major resistance level at $49,198 into play.

Support from the broader market would be needed for Bitcoin to break back through to $49,000 levels.

Barring a broad-based crypto rally, the first major resistance level 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 $50,681.

Failure to move through the $48,376 pivot would bring the first major support level at $46,893 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$46,000 levels. The second major support level $46,071 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.