The Crypto Daily – Movers and Shakers – August 8th, 2021
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.
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.