The Crypto Daily – Movers and Shakers – May 29th, 2021It’s a mixed start to the day for the majors. A Bitcoin move back through to $38,000 levels would provide support to the broader market.
Bitcoin, BTC to USD, slid by 7.46% on Friday. Following a 1.95% decline on Thursday, Bitcoin ended the day at $35,661.0.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $38,889.0 before hitting reverse.
Falling short of the first major resistance level at $40,284, Bitcoin slid to a late intraday low $34,721.0.
The extended sell-off saw Bitcoin fall through the first major support level at $37,005 and the second major support level at $35,474.
Finding late support, Bitcoin broke back through the second major support level to end the day at $35,600 levels.
The near-term bullish trend remained intact in spite of the recent 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.
Polkadot saw a more modest 3.86% loss on the day.
In the current week, the crypto total market fell to a Monday low $1,369bn before rising to a Wednesday high $1,787bn. At the time of writing, the total market cap stood at $1,543bn.
Bitcoin’s dominance rose to a Monday high 47.06% before falling to a Thursday low 42.67%. At the time of writing, Bitcoin’s dominance stood at 43.63%.
At the time of writing, Bitcoin was up by 0.84% to $35,961.7. A mixed start to the day saw Bitcoin fall to an early morning low $35,649.8 before rising to a high $36,075.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a mixed start to the day.
Crypto.com Coin was down by 3.37% to buck the trend early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Bitcoin Cash SV was up by 5.63% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the pivot level at $36,424 to bring the first major resistance level at $38,126 into play.
Support from the broader market would be needed for Bitcoin to break back through to $38,000 levels.
Barring a broad-based crypto rally, the first major resistance level and Friday’s high $38,889.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $40,000 levels. The second major resistance level sits at $40,592.
Failure to move through the pivot at $36,424 would bring the first major support level at $33,958 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$30,000 levels. The second major support level at $32,256 should limit the downside.