The Crypto Daily – Movers and Shakers – August 8th, 2021Following Saturday’s breakout, a Bitcoin move back through to $45,000 levels would support another breakout, as the Bitcoin bulls eye a return to $50,000.
Bitcoin, BTC to USD, rose by 4.00% on Saturday. Following a 4.80% rally on Friday, Bitcoin ended the day at $44,568.0.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
A bullish start to the day saw Bitcoin rally to a mid-day high $44,553.0 before hitting reverse.
Bitcoin broke through the first major resistance level at $44,193 before sliding to a late afternoon intraday low $42,380.
Steering clear of the 38.2% FIB of $41,592 and the first major support level at $40,708 Bitcoin bounced back to end the day at $44,500 levels.
The rebound saw Bitcoin break back through the first major resistance level at $44,193 to strike an intraday high $44,698.0.
The near-term bullish trend remained intact, supported by the latest return to $44,000 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.
Polkadot fell by 1.26% to buck the trend on the day.
It was a bullish day for the rest of the majors, however.
In the current week, the crypto total market fell to a Tuesday low $1,502bn before rising to a Saturday high $1,818bn. At the time of writing, the total market cap stood at $1,797bn.
Bitcoin’s dominance rose to a Monday high 47.27% before falling to a Wednesday low 45.78%. At the time of writing, Bitcoin’s dominance stood at 46.46%.
At the time of writing, Bitcoin was down by 0.24% to $44,461.0. A mixed start to the day saw Bitcoin rise to an early morning high $44,580.0 before falling to a low $44,335.2.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin found early support, rallying by 4.12%. Polkadot (+0.16%) and Litecoin (+0.06%) also avoided the red early on.
It was a bearish start for the rest of the majors, however.
At the time of writing, Ethereum was down by 0.35% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $43,883 pivot to bring the first major resistance level at $45,384 into play.
Support from the broader market would be needed for Bitcoin to break out from Saturday’s high $44,553.0.
Barring a broad-based crypto rally, the first major resistance level and resistance at $45,500 would likely cap any upside.
In the event of another extended crypto rally, Bitcoin could test resistance at $47,500 before any pullback. The second major resistance level sits at $46,200.
A fall through the $43,882 pivot would bring the first major support level at $43,066 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of the 38.2% FIB of $41,592 and the second major support level at $41,564.