The Crypto Daily – Movers and Shakers – May 15th, 2021It’s a mixed start to the day for the majors. A Bitcoin move back through to $51,500 levels would support the broader market.
Bitcoin, BTC to USD, rose by 0.35% on Friday. Following on from a 0.34% gain on Thursday, Bitcoin ended the day at $49,924.0.
A mixed start to the day saw Bitcoin fell to an early morning intraday low $48,877.0 before making a move.
Steering clear of the first major support level at $47,123, Bitcoin rallied to a mid-afternoon intraday high $51,512.0.
While falling short of the first major resistance level at $51,855, 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 sub-$50,000 levels.
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 bullish day on Friday.
Polkadot surged by 19.60% to lead the way.
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 $2,295bn.
Bitcoin’s dominance rose to a Monday high 46.90% before falling to a Friday low 40.42%. At the time of writing, Bitcoin’s dominance stood at 40.73%.
At the time of writing, Bitcoin was up by 0.31% to $50,079.8. A mixed start to the day saw Bitcoin fall to an early morning low $49,884.0 before rising to a high $50,388.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Polkadot (-2.97%), Crypto.Com Coin (-1.85%), and Ripple’s XRP (-0.06%) saw red early on.
It was a relatively bullish start for the rest of the majors, however.
At the time of writing, Chainlink was up by 0.71% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the pivot level at $50,104 to support a run at the 23.6% FIB of $50,473 and the first major resistance level at $51,332.
Support from the broader market would be needed for Bitcoin to break back through to $51,000 levels.
Barring an extended crypto rally, the first major resistance level and Friday’s high $51,512.0 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 $52,739.
Failure to move back through the pivot at $50,104 would bring the first major support level at $48,697 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$48,000 levels. The second major support level at sits $47,469.