The Crypto Daily – Movers and Shakers – May 26th, 2021

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Published: May 26, 2021, 00:48 UTC

It's a mixed start to the day for Bitcoin and the broader market. A Bitcoin move through to $40,000 would be needed to support a broad-based crypto rally.

Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Tuesday.

Crypto.com Coin rose by 6.04% to lead the way.

Bitcoin Cash SV (+0.28%), Ethereum (+2.20%), Cardano’s ADA (+0.07%), and Chainlink (+4.63%) also avoided the red to buck the broader trend.

It was a bearish day for the rest of the majors.

Polkadot fell by 3.60% to lead the way down, with Ripple’s XRP (-1.60%) also struggling.

Binance Coin (-0.66%) and Litecoin (-0.75%) saw relatively modest losses on the day.

Early in the week, the crypto total market fell to a Monday low $1,368bn before rising to a Tuesday high $1,714bn. At the time of writing, the total market cap stood at $1,635bn.

Bitcoin’s dominance rose to a Monday high 47.08% before falling to a Tuesday low 43.55%. At the time of writing, Bitcoin’s dominance stood at 43.92%.

This Morning

At the time of writing, Bitcoin was down by 0.17% to $38,332.0. A mixed start to the day saw Bitcoin rise to an early morning high $38,622.0 before falling to a low $38,187.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was also a mixed start to the day.

Binance Coin (-0.31%), Litecoin (-0.33%), and Ripple’s XRP (-0.88%) also saw red early on.

It was a bullish start for the rest of the majors, however.

At the time of writing, Cardano’s ADA was up by 2.74% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $38,227 to bring the first major resistance level at $40,000 into play.

Support from the broader market would be needed for Bitcoin to break back through to $39,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $39,829.4 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 and the second major resistance level at $41,602.

Failure to avoid a fall back through the pivot at $38,227 would bring the first major support level at $36,625 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$35,000 levels. The second major support level sits at $34,853.

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.