The Crypto Daily – Movers and Shakers – May 24th, 2021

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Updated: May 24, 2021, 01:02 UTC

It's a bullish start to the day for the majors. A Bitcoin move back through to $38,000 levels would support the broader market.

E-coins on tablet computer with charts on screen

The Rest of the Pack

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

Crypto.com Coin tumbled by 20.08% to lead the way down, with Bitcoin Cash SV (-15.28%) and Litecoin (-15.78%) also seeing heavy losses.

Binance Coin (-12.96%), Cardano’s ADA (-10.19%), Chainlink (-13.63%), Ethereum (-8.58%), Polkadot (-12.31%), and Ripple’s XRP (-12.48%) weren’t far off, however.

It was also a bearish week for the majors.

Binance Coin (-53.72%), Bitcoin Cash SV (-56.77%), Chainlink (-50.68%), and Litecoin (-51.80%) led the way down.

Cardano’s ADA (-42.85%), Ethereum (-41.44%), Polkadot (-43.51%), and Ripple’s XRP (-45.30%) also saw heavy losses.

Crypto.com Coin fell by a more modest 39.60% in the week.

In the week, the crypto total market rose to a Monday high $2,162bn before sliding to a Sunday low $1,196bn. At the time of writing, the total market cap stood at $1,407bn.

Bitcoin’s dominance fell to a Wednesday low 39.66% before rising to a Sunday high 48.67%. At the time of writing, Bitcoin’s dominance stood at 46.78%.

This Morning

At the time of writing, Bitcoin was up by 1.47% to $35,259.0. A bullish start to the day saw Bitcoin rise from an early morning low $34,733.0 to a high $35,337.0.

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, Cardano’s ADA was up by 1.77% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $34,790 to bring the first major resistance level at $38,341 into play.

Support from the broader market would be needed for Bitcoin to break out from $37,000 levels.

Barring a broad-based crypto rally, the first major resistance level at $38,341 and Sunday’s high $38,384.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the 38.2% FIB of $41,592 before any pullback. The second major resistance level sits at $41,935.

Failure to avoid a fall back through the pivot at $34,790 would bring the first major support level at $31,196 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $27,645.

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.