The Crypto Daily – Movers and Shakers – May 22nd, 2021

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Published: May 22, 2021, 00:40 UTC

It's a bearish start to the day for the majors. A Bitcoin move back through to $40,000 levels would be needed to settle the markets.

The Rest of the Pack

Across the rest of the majors, it was a bearish day on Friday.

Bitcoin Cash SV tumbled by 20.71% to lead the way down, with Binance Coin (-16.70%) and Chainlink (-16.56%) not far behind.

Cardano’s ADA (-13.97%), Ethereum (-12.26%), Litecoin (-14.64%), and Ripple’s XRP (-14.59%) also saw heavy losses.

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%.

This Morning

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.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.