The Crypto Daily – Movers and Shakers – May 22nd, 2021
Bitcoin, BTC to USD, fell by 7.88% on Friday. Partially revering a 10.42% gain from Thursday, Bitcoin ended the day at $37,391.4.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $42,298.1 before hitting reverse.
While falling short of the first major resistance level at $43,579, Bitcoin broke through the 38.2% FIB of $41,592.
The reversal, however, saw Bitcoin slide to a late intraday low $33,552.0.
Bitcoin fell back through the 38.2% FIB and also fell through the first major support level at $36,264.
Steering clear of sub-$30,000 levels, Bitcoin broke back through the first major support level to end the day at $37,300 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 bearish day on Friday.
Crypto.com Coin (-5.51%) and Polkadot (-8.34%) saw relatively modest losses on the day, 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 $1,560bn.
Bitcoin’s dominance fell to a Wednesday low 39.66% before surging to a Wednesday high 45.97%. At the time of writing, Bitcoin’s dominance stood at 44.66%.
At the time of writing, Bitcoin was down by 0.19% to $37,320.0. A mixed start to the day saw Bitcoin rise to an early morning high $37,725.9 before falling to a low $37,024.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a bearish start to the day.
At the time of writing, Polkadot was down by 2.55% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the pivot level at $37,747 to bring the 38.2% FIB of $41,592 and the first major resistance level at $41,942 into play.
Support from the broader market would be needed for Bitcoin to break back through to $40,000 levels.
Barring a broad-based crypto rally, the 38.2% FIB and the first major resistance level at $41,942 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $45,000 before any pullback. The second major resistance level sits at $46,493.
Failure to move through the pivot at $37,747 would bring the first major support level at $33,196 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$30,000 levels. The second major support level sits at $29,001.