The Crypto Daily – Movers and Shakers – May 1st, 2021It’s a mixed start to the day for the majors. A Bitcoin move through to $58,500 levels would support a broad-based crypto rally.
Bitcoin, BTC to USD, rallied by 7.59% on Friday. Reversing a 2.36% loss from Thursday, Bitcoin ended the month down by 1.98% to $57,630.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $53,068.0 before making a move.
Steering clear of the first major support level at $52,221, Bitcoin rallied to a late intraday high $57,611.0.
Bitcoin broke through the first major resistance level at $55,066 and the second major resistance level at $56,567.
Falling short of $58,000 levels, however, Bitcoin eased back to end the day at sub-$57,600 levels.
The near-term bullish trend remained intact supported by the return to $57,000 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 Friday.
Polkadot bucked the trend, falling by 5.80%.
It was a bullish end to the month for the rest of the majors, however.
Ripple’s XRP rallied by 14.39% to lead the way.
Ethereum (+0.64%) trailed the front runners, however.
For the month of April, it was a mixed month for the majors.
Crypto.com Coin joined Bitcoin in the red, with a 6.49% loss.
It was a bullish month for the rest of the majors, however.
Ripple’s XRP and Binance Coin surged by 180.63% and by 106.01% respectively to lead the way.
Bitcoin Cash SV (+36.87%), Chainlink (+29.83%), Ethereum (+44.61%), and Litecoin (+37.93%) also found particularly strong support, with Cardano’s ADA gaining 13.61%.
Polkadot saw a modest gain of 0.22%, however.
In the current week, the crypto total market fell to a Monday low $1,778bn before rising to a Friday high $2,193bn. At the time of writing, the total market cap stood at $2,154bn.
Bitcoin’s dominance rose to a Monday high 51.73% before falling to a Thursday low 49.18%. At the time of writing, Bitcoin’s dominance stood at 50.28%.
At the time of writing, Bitcoin was up by 0.28% to $57,794.0. A mixed start to the day saw Bitcoin fall to an early morning low $57,350.0 before rising to a high $57,930.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin (+0.36%), Litecoin (+0.46%), and Polkadot (+0.22%) joined Bitcoin in the green early on.
It was a bearish start for the rest of the majors, however.
At the time of writing, Binance Coin was down by 0.77% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $56,164 pivot to bring the first major resistance level at $59,260 into play.
Support from the broader market would be needed for Bitcoin to break out from $58,500 levels.
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. The second major resistance level sits at $60,890.
Failure to avoid a fall through the $56,164 would bring the first major support level at $54,334 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$54,000 levels. The second major support level sits at $51,438.