The Crypto Daily – Movers and Shakers – May 10th, 2021

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Updated: May 10, 2021, 01:02 UTC

It's a mixed start to the week for the majors. A Bitcoin move through to $59,500 levels would support the broader crypto market.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Sunday.

Crypto.com Coin slid by 5.88% to lead the way down, with Bitcoin Cash SV (-1.57%) and Ripple’s XRP (-1.80%) also joining Bitcoin in the red.

It was a bullish end to the week for the rest of the majors, however.

Cardano’s ADA and Litecoin rallied by 8.88% and by 11.66% respectively to lead the way, with Chainlink (+7.40%) also finding strong support.

Binance Coin (+2.37%), Ethereum (+0.29%), and Polkadot (+2.07%) also avoided the red.

It was also a mixed week for the cryptos in the week ending 9^th May.

Crypto.com Coin (-6.08%) and Ripple’s XRP (-1.65%) saw red to buck the trend for the week.

It was a bullish week for the rest of the majors, however.

Litecoin led the way, surging by 44.30%.

Binance Coin (+23.05%), Cardano’s ADA (+33.16%), Chainlink 32.37%, and Ethereum (+33.07%) also found strong support.

Bitcoin Cash SV (+7.55%) and Polkadot (+6.93%) trailed the front runners, however.

In the week, the crypto total market fell to a Tuesday low $2,064bn before rising to a Saturday high $2,482bn. At the time of writing, the total market cap stood at $2,395bn.

Bitcoin’s dominance rose to a Monday high 49.44% before falling to a Thursday low 44.65%. At the time of writing, Bitcoin’s dominance stood at 45.43%.

This Morning

At the time of writing, Bitcoin was down by 0.20% to $58,157.0. A mixed start to the day saw Bitcoin rise to an early morning high $58,421.4 before falling to a low $58,150.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (+0.14%), Bitcoin Cash SV (+2.15%), Chainlink (+1.09%), Crypto.com Coin (+1.26%), and Litecoin (+2.26%) found early support.

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

Cardano’s ADA (0.39%), Ethereum (-0.51%), Polkadot (-0.13%), and Ripple’s XRP (-0.42%) joined Bitcoin in the red.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $57,993 to support a run at the first major resistance level at $59,590.

Support from the broader market would be needed for Bitcoin to break out from Sunday’s high $59,236.5.

Barring an extended crypto rally, the first major resistance level and resistance at $60,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the swing hi $64,829 before any pullback. The second major resistance level sits at $60,904, with the third major resistance level sitting at $63,886.

Failure to avoid a fall through the pivot at $57,993 would bring the first major support level at $56,609 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$55,000 levels. The second major support level sits at $54,941.

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.