The Crypto Daily – Movers and Shakers – August 28th, 2021
Bitcoin, BTC to USD, rallied by 4.79% on Friday. Reversing a 4.39% slide from Thursday, Bitcoin ended the day at $49,079.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $46,363.0 before making a move.
Steering clear of the first major support level at $45,638, Bitcoin rallied to a late intraday high $49,159.0.
Bitcoin broke through the first major resistance level at $48,713 to end the day at $49,000 levels.
The near-term bullish trend remained intact, supported by the latest return to $50,000 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 $2,169bn 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%.
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.