The Crypto Daily – Movers and Shakers – August 9th, 2021
Bitcoin, BTC to USD, fell by 1.74% on Sunday. Partially reversing a 4.00% rally from Saturday, Bitcoin ended the week up by 9.85% to $43,793.0.
A bullish start to the day saw Bitcoin rally to a mid-morning intraday high $45,250.0 before hitting reverse.
Falling short of the first major resistance level at $45,384, however, Bitcoin slid to a late intraday low $43,300.0.
Steering clear of the first major support level at $43,066, Bitcoin briefly moved back through to $44,000 levels before easing back.
The near-term bullish trend remained intact, supported by the latest return to $45,000 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.
Crypto.com Coin rose by 0.51% to buck the trend on the day.
It was a bearish day for the rest of the majors, however.
While it was a bearish end to the week, it was a mixed week for the crypto majors.
Polkadot bucked the trend in the week, falling by 2.89%.
It was a bullish week for the rest of the pack, however.
Ethereum rallied by 17.95% to lead the way. Cardano’s ADA (+8.50%), Crypto.com Coin (+6.64%), Litecoin (+6.84%), and Ripple’s XRP (+7.47%) also found strong support.
Binance Coin (+2.85%), Bitcoin Cash SV (+1.96%), and Chainlink (+4.24%) trailed the front runners, however.
In the week, the crypto total market fell to a Tuesday low $1,502bn before rising to a Sunday high $1,837bn. At the time of writing, the total market cap stood at $1,736bn.
Bitcoin’s dominance fell to a Wednesday low 45.78% before rising to a Sunday high $47.39%. At the time of writing, Bitcoin’s dominance stood at 47.16%.
At the time of writing, Bitcoin was down by 0.59% to $43,534.6. A mixed start to the day saw Bitcoin rise to an early morning high $43,930.0 before falling to a low $43,532.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bearish start to the day.
At the time of writing, Ethereum was down by 0.92% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $44,114 pivot to bring the first major resistance level at $44,929 into play.
Support from the broader market would be needed for Bitcoin to break back through to $44,500 levels.
Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $45,250.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $47,000 before any pullback. The second major resistance level sits at $46,064.
Failure to move through the $44,114 pivot would bring the first major support level at $42,979 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $42,164.