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The Crypto Daily – Movers and Shakers – August 9th, 2021

By:
Bob Mason
Updated: Aug 9, 2021, 01:18 UTC

After Sunday's pullback, a Bitcoin return to $45,000 levels would be needed to support the broader crypto market.

Depositphotos_197585438_s-2019

In this article:

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.

Bitcoin Cash SV and Chainlink slid by 7.07% and by 6.71% respectively to lead the way down.

Binance Coin (-4.05%), Cardano’s ADA (-3.24%), Ethereum (-4.71%), Litecoin (-3.96%), Polkadot (-4.70%), and Ripple’s XRP (-4.62%) also struggled.

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%.

This Morning

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.

BTCUSD 090821 Hourly Chart

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.

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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