The Crypto Daily – Movers and Shakers – May 12th, 2021It’s a mixed start to the day for the majors. A Bitcoin move through to $57,500 would support further upside for the broader market.
Bitcoin, BTC to USD, rose by 1.59% on Tuesday. Partially reversing a 4.22% slide from Monday, Bitcoin ended the day at $56,721.5.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $54,138.7 before making a move.
Steering clear of the first major support level at $53,253, Bitcoin rose to a late intraday high $56,870.0.
Falling well short of the first major resistance level at $58,998, Bitcoin eased back to end the day at $56,700 levels.
The near-term bullish trend remained intact in spite of the latest slide back to $53,000 levels. For the bears, Bitcoin would need to slide 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 Tuesday.
Crypto.com Coin fell by 2.07% to buck the trend on the day.
It was a bullish day for the rest of the majors, however.
Bitcoin Cash SV rallied by 14.93% to lead the way.
Early in the week, the crypto total market rose to a Monday high $2,533bn before sliding to a Monday low $2,137bn. At the time of writing, the total market cap stood at $2,409bn.
Bitcoin’s dominance rose to a Monday high 46.90% before falling to a Tuesday low 43.93%. At the time of writing, Bitcoin’s dominance stood at 44.33%.
At the time of writing, Bitcoin was up by 0.60% to $57,059.0. A mixed start to the day saw Bitcoin fall to an early morning low $56,593.0 before rising to a high $57,234.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Ethereum (-0.20%) and Polkadot (-0.48%) saw red to buck the trend early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was up by 1.93% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $55,910 to support a run at the first major resistance level at $57,681.
Support from the broader market would be needed for Bitcoin to break back through to $57,500 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $58,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $60,000 before any pullback. The second major resistance level sits at $58,641.
Failure to avoid a fall through the pivot at $55,910 would bring the first major support level at $54,950 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$54,000 levels. The second major support level at sits $53,179.