The Crypto Daily – Movers and Shakers – May 29th, 2021

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.

Binance Coin (-11.03%), Ethereum (-12.07%), Chainlink (-12.05%), and Crypto.com Coin (-11.23%) led the way down.

Bitcoin Cash SV (-9.76%), Cardano’s ADA (-8.61%), Litecoin (-8.75%), and Ripple’s XRP (-7.71%) also struggled.

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%.

This Morning

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.