The Crypto Daily – Movers and Shakers – August 28th, 2021

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Updated: Aug 28, 2021, 00:47 UTC

The markets were in recovery mode on Friday, with Cardano's ADA leading the charge. A Bitcoin return to $50,000 would support another bullish day ahead.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Thursday.

Cardano’s ADA jumped by 16.48% to lead the way, with Ripple’s XRP rallying by 11.15%.

Bitcoin Cash SV (+4.79%), Chainlink (+6.82%), Ethereum (+5.88%), Litecoin (+5.13%), and Polkadot (+5.95%) also found strong support.

Binance Coin (+3.46%) and Crypto.com Coin (+2.22%) and trailed the front runners, however.

In the current week, the crypto total market rose to a Monday high $2,169bn before falling to a Thursday low $1,933bn. At the time of writing, the total market cap stood at $2,083bn.

Bitcoin’s dominance fell to a Tuesday low 43.64% before rising to a Thursday high 44.98%. At the time of writing, Bitcoin’s dominance stood at 44.12%.

This Morning

At the time of writing, Bitcoin was down by 0.30% to $48,932.0. A mixed start to the day saw Bitcoin rise to an early morning high $49,227.0 before falling to a low $48,936.5.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (+1.55%) and Crypto.com Coin (+1.82%) bucked the early trend.

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

At the time of writing, Cardano’s ADA was down by 2.19% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $48,200 pivot to bring the first major resistance level at $50,038 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 resistance at $50,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test the second major resistance level at $50,996. Bitcoin would need plenty of support, however, to breakout from the 23.6% FIB of $50,473.

A fall through the $48,200 pivot would bring the first major support level at $47,242 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$46,000 levels. The second major support level sits at $45,404.

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.