The Crypto Daily – Movers and Shakers – May 21st, 2021It’s a bullish start to the day for the crypto majors. A Bitcoin move back through to $43,000 levels would support another broad-based crypto rally.
Bitcoin, BTC to USD, rallied by 10.42% on Thursday. Reversing most of a 14.37% slide from Wednesday, Bitcoin ended the day at $40,561.5.
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A mixed start to the day saw Bitcoin fall to an early morning intraday low $34,985.0 before making a move.
Steering clear of the first major support level at $29,664, Bitcoin rallied to an early afternoon intraday high $42,300.0.
While falling short of the first major resistance level at $43,701, Bitcoin broke back through the 38.2% FIB of $41,592.
A late afternoon pullback, however, saw Bitcoin fall back through the 38.2% FIB to sub-$38,200 before ending the day at $40,500 levels.
The near-term bullish trend remained intact in spite of the latest slide back to sub-$30,000 levels. For the bears, Bitcoin would need a sustained fall 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 Thursday.
Cardano’s ADA jumped by 22.73% to lead the way.
Bitcoin Cash SV (+4.75%), and Polkadot (+4.64%) trailed the front runners, however.
In the current week, the crypto total market rose to a Monday high $2,162bn before sliding to a Wednesday low $1,207bn. At the time of writing, the total market cap stood at $1,794bn.
Bitcoin’s dominance fell to a Tuesday low 39.89% before surging to a Wednesday high 45.97%. At the time of writing, Bitcoin’s dominance stood at 43.15%.
At the time of writing, Bitcoin was up by 2.02% to $41,380. A mixed start to the day saw Bitcoin fall to an early morning low $40,556.0 before rising to a high $41,434.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a bullish start to the day.
At the time of writing, Ethereum was up by 2.96% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $39,282 to bring the 38.2% FIB of $41,592 and the first major resistance level at $43,579 into play.
Support from the broader market would be needed for Bitcoin to break back through to $43,000 levels.
Barring a broad-based crypto rally, the first major resistance level at $43,579 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $47,000 before any pullback. The second major resistance level sits at $46,597.
Failure to avoid a fall through the pivot at $39,282 would bring the first major support level at $36,264 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $31,967.