The Crypto Daily – Movers and Shakers – December 4th, 2021

Bob Mason
Updated: Dec 4, 2021, 01:17 UTC

Following a bearish session for Bitcoin and the majors on Friday, a Bitcoin move back through to $57,000 levels would be needed to settle the markets.

Different cryptocurrencies in a circle with a golden bitcoin in

In this article:

Daily Video Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP

Bitcoin, BTC to USD, slid by 5.01% on Friday. Following a 1.26% loss on Thursday, Bitcoin ended the day at $53,687.

After mixed morning, Bitcoin rose to an early afternoon intraday high $57,599 before hitting reverse. Coming up against the first major resistance level at $57,324, Bitcoin slid to a late intraday low $51,333.

The extended sell-off saw Bitcoin fall through the day’s major support levels and the 23.6% FIB of $53,628.

Finding late support, however, Bitcoin broke back through the third major support level at $53,487 and the 23.6% FIB to end the day at $53,600 levels.

The near-term bullish trend remained intact, in spite of the latest pullback to $51,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bearish day on Friday.

Cardano’s ADA slid by 9.47% to lead the way down, with Ethereum (-6.59%) and Litecoin (-7.52%) in the deep red.

Bitcoin Cash SV (-4.65%), Binance Coin (-3.96%), Chainlink (-5.07%), Coin (-4.77%), and Ripple’s XRP (-5.14%) also struggled, while Polkadot slipped by just 0.66%.

In the current week, the crypto total market rose to a Wednesday high $2,712bn before sliding to a Friday low $2,329bn. At the time of writing, the total market cap stood at $2,438bn.

Bitcoin’s dominance rose to a Monday high 43.01% before falling to a Friday low 41.07%. At the time of writing, Bitcoin’s dominance stood at 41.69%.

This Morning

At the time of writing, Bitcoin was up by 0.22% to $53,805. A bullish start to the day saw Bitcoin rise from an early morning low $53,567 to a high $53,823.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (+0.11%) and Litecoin (+0.20%) joined Bitcoin in positive territory early on.

It was a bearish start for the rest of the majors, however.

At the time of writing, Coin was down by 4.17% to lead the way down.

BTCUSD 041221 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $54,206 pivot to bring the first major resistance level at $57,080 into play. Support from the broader market would be needed, however, for Bitcoin to break back through to $57,000 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $57,599 would likely cap the upside.

In the event of an extended rally, Bitcoin could test resistance at $60,000 levels before easing back. The second major resistance level sits at $60,472. Bitcoin would need plenty of support, however, to breakout from $58,500 levels.

Failure to move through the $54,206 pivot would bring the 23.6% FIB of $53,628 and the first major support level at $50,814 into play. Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$49,000 levels. The second major support level sits at $47,940.

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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