The Crypto Daily – Movers and Shakers – May 12th, 2021

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Updated: May 12, 2021, 01:00 UTC

It'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.

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.

Binance Coin (+6.46%), Cardano’s ADA (+7.38%), Chainlink (+5.32%), Ethereum (+5.83%), Litecoin (+5.23%), Polkadot (+4.35%), and Ripple’s XRP (+6.31%) also made solid gains.

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%.

This Morning

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.

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.