The Crypto Daily – Movers and Shakers – May 14th, 2021It’s a mixed start to the day for the majors. A Bitcoin move back through to $51,500 levels should support the broader market.
Bitcoin, BTC to USD, rose by 0.34% on Thursday. Following a 12.52% slide on Wednesday, Bitcoin ended the day at $49,750.6.
A bearish start to the day saw Bitcoin slide to an early morning intraday low $46,601.0 before making a move.
Steering clear of the first major support level at $46,150, Bitcoin rallied to an early morning intraday high $51,333.0.
While falling short of the first major resistance level at $55,539, Bitcoin broke back through the 23.6% FIB of $50,473.
A second sell-off, however, saw Bitcoin slide back through the 23.6% FIB to a low $47,100.
Continuing to steer clear of the major support levels, however, Bitcoin moved back through to $49,700 levels to end the day in the green.
The near-term bullish trend remained intact in spite of the latest slide back to sub-$50,000 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 Thursday.
Crypto.com Coin slid by 9.92% to lead the way down.
It was a bullish day for the rest of the majors, however.
In the current week, the crypto total market rose to a Wednesday high $2,577bn before sliding to an early Thursday low $1,965bn. At the time of writing, the total market cap stood at $2,226bn.
Bitcoin’s dominance rose to a Monday high 46.90% before falling to a Thursday low 41.15%. At the time of writing, Bitcoin’s dominance stood at 42.11%.
At the time of writing, Bitcoin was up by 0.81% to $50,152.0. A mixed start to the day saw Bitcoin fall to an early morning low $49,565.0 before rising to a high $50,223.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Cardano’s ADA (-1.94%) and Ripple’s XRP (-0.55%) saw red to buck the trend early on.
It was a bullish start for the rest of the majors.
At the time of writing, Bitcoin Cash SV was up by 4.38% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $49,228 to support a run at the 23.6% FIB of $50,473 and the first major resistance level at $51,855.
Support from the broader market would be needed for Bitcoin to break out from Thursday’s high $51,333.0.
Barring an extended crypto rally, the first major resistance level and Thursday’s high would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $53,960.
Failure to avoid a fall through the pivot at $49,228 would bring the first major support level at $47,123 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$45,000 levels. The second major support level at sits $44,496.