The Crypto Daily – Movers and Shakers – August 29th, 2021

Bitcoin, BTC to USD, slipped by 0.34% on Saturday. Following a 4.79% rally on Friday, Bitcoin ended the day at $48,914.0.

A choppy start to the day saw Bitcoin rise to an early morning intraday high $49,310.0 before hitting reverse.

Falling short of the first major resistance level at $50,038, Bitcoin slid to an early afternoon intraday low $48,385.9.

Steering well clear of the first major support level at $47,242, Bitcoin revisited $49,200 levels before falling back into the red.

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 mixed day on Saturday.

Bitcoin Cash SV (+0.39%) and Crypto.com Coin (+1.33%) bucked the trend on the day.

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

Ripple’s XRP and Cardano’s ADA fell by 3.88% and by 3.30% respectively to lead the way down.

Binance Coin (-1.67%), Chainlink (-1.23%), Ethereum (-0.83%), Litecoin (-0.35%), and Polkadot (-1.89%) also struggled.

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 $2,092bn.

Bitcoin’s dominance rose to a Thursday high 44.98% before falling to a Saturday low 43.55%. At the time of writing, Bitcoin’s dominance stood at 43.92%.

This Morning

At the time of writing, Bitcoin was down by 0.06% to $48,887.0. A mixed start to the day saw Bitcoin rise to an early morning high $48,958.0 before falling to a low $48,879.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.06%) and Litecoin (-0.16%) joined Bitcoin in the red early on.

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

At the time of writing, Bitcoin Cash SV was up by 2.93% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $48,870 pivot to bring the first major resistance level at $49,354 into play.

Support from the broader market would be needed for Bitcoin to break back through to $49,300 levels.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $49,311 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $50,000 before any pullback. The second major resistance level sits at $49,794.

A fall through the $48,870 pivot would bring the first major support level at $48,430 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$47,500 levels. The second major support level at $47,946 should limit the downside.