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The Crypto Daily – Movers and Shakers – August 30th, 2021

By:
Bob Mason
Updated: Aug 30, 2021, 01:11 UTC

Following a mixed week for Bitcoin and the broader market last week, a Bitcoin return to $50,000 would support a breakout start to the week.

Depositphotos_42771863_s-2019

In this article:

Bitcoin, BTC to USD, fell by 0.23% on Sunday. Following a 0.34% decline from Saturday, Bitcoin ended the week down by 0.95% to $48,800.0.

A choppy start to the day saw Bitcoin rally to an early morning intraday high $49,650.0 before hitting reverse.

Bitcoin broke through the first major resistance level at $49,354 before sliding to an early morning intraday low $47,760.0.

The sell-off saw Bitcoin fall through the first major support level at $48,430 and the second major support level at $47,946.

Steering clear of sub-$47,500 levels, however, Bitcoin found late support to revisit $49,400 levels before falling back into the red.

The first major resistance level at $49,354 pegged Bitcoin back in the final hour.

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 Sunday.

Binance Coin fell by 1.30% to lead the way down.

Ethereum (-0.66%), Litecoin (-0.74%), Polkadot (-0.72%), and Ripple’s XRP (-0.55%) also saw red on the day.

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

Bitcoin Cash SV rallied by 1.86% to lead the way, with Crypto.com Coin rising by 1.29%.

Cardano’s ADA (+0.11%) and Chainlink (+0.16%) trailed the front runners, however.

It was also a mixed week for the majors in the week ending 29th August.

Chainlink slid by 8.03% to lead the way down. Ethereum (-0.46%), Litecoin (-6.18%), Polkadot (-6.22%), and Ripple’s XRP (-7.01%) also ended the week in the red.

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

Binance Coin rallied by 6.92% to lead the way, with Cardano’s ADA (+5.32%) close behind.

Bitcoin Cash SV (+1.37%) and Crypto.com Coin (+1.97%), and trailed the front runners, however

In the 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 $2,087bn.

Bitcoin’s dominance rose to a Thursday high 44.98% before falling to a Saturday low 43.53%. At the time of writing, Bitcoin’s dominance stood at 44.03%.

This Morning

At the time of writing, Bitcoin was up by 0.24% to $48,915.7. A mixed start to the day saw Bitcoin fall to an early morning low $48,565.0 before rising to a high $48.915.7.

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

Elsewhere, it was a mixed start to the day.

Polkadot bucked the early trend, falling by a modest 0.06%.

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

At the time of writing, Bitcoin Cash SV was up by 1.46% to lead the way.

BTCUSD 300821 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $48,737 pivot to bring the first major resistance level at $49,713 into play.

Support from the broader market would be needed for Bitcoin to break out from Sunday’s high $49,650.0.

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 $50,483 before any pullback. The second major resistance level sits at $50,627.

A fall back through the $48,737 pivot would bring the first major support level at $47,823 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$47,000 levels. The second major support level sits at $46,847.

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.

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