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

By:
Bob Mason
Updated: Aug 8, 2021, 00:29 UTC

Following 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.

Depositphotos_179061572_s-2019

In this article:

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.

Ethereum and Ripple’s XRP rallied by 9.34% and by 9.59% respectively to lead the way.

Binance Coin (+4.14%), Bitcoin Cash SV (+5.26%), Cardano’s ADA (+5.12%), Chainlink (+3.56%), Crypto.com Coin (+3.23%) and Litecoin (+5.38%) also found strong support 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%.

This Morning

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.

BTCUSD 080821 Hourly Chart

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.

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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