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The Crypto Daily – Movers and Shakers – May 2nd, 2021

By:
Bob Mason
Updated: May 2, 2021, 01:07 UTC

It's a mixed start to the day for the majors. A Bitcoin move back through to $58,000 levels would support the broader market.

Group of golden Bitcoin coins arranged in a grid

In this article:

Bitcoin, BTC to USD, rose by 0.25% on Saturday. Consolidating Friday’s 7.59% gain, Bitcoin ended the day at $57,774.0.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $58,326.0 before hitting reverse.

Falling short of the first major resistance level at $59,260, Bitcoin fell to a mid-afternoon intraday low $57,000.0.

Steering clear of the first major support level at $54,534, Bitcoin revisited $57,900 levels before easing back.

The near-term bullish trend remained intact supported by the return to $58,000 levels. For the bears, Bitcoin would need to slide 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 mixed day on Saturday.

Binance Coin (-0.43%), Cardano’s ADA (-0.13%), and Crypto.com Coin (-2.35%) saw red to buck the trend on the day.

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

Bitcoin Cash SV rallied by 12.35% to lead the way, with Chainlink and Ethereum seeing gains of 8.13% and 6.20% respectively.

Litecoin (+1.99%), Polkadot (+0.89%, and Ripple’s XRP (+3.31%) also avoided the red.

In the current week, the crypto total market fell to a Monday low $1,778bn before rising to a Saturday high $2,229bn. At the time of writing, the total market cap stood at $2,188bn.

Bitcoin’s dominance rose to a Monday high 51.73% before falling to a Saturday low 49.10%. At the time of writing, Bitcoin’s dominance stood at 49.24%.

This Morning

At the time of writing, Bitcoin was down by 0.43% to $57,527.0. A mixed start to the day saw Bitcoin rise to an early morning high $57,900.0 before falling to a low $57,461.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (+0.79%), Crypto.com Coin (+0.89%), and Polkadot (+0.19%) found early support to buck the trend.

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

At the time of writing, Ripple’s XRP was down by 1.55% to lead the way down.

BTCUSD 020521 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through $57,700 pivot to bring the first major resistance level at $58,400 into play.

Support from the broader market would be needed for Bitcoin to break back through to $58,000 levels.

Barring an extended crypto rally, the first major resistance level and Saturday’s $58,326 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $60,000 before any pullback. The second major resistance level sits at $59,026.

Failure to move back through the $57,700 pivot would bring the first major support level at $57,074 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$56,000 levels. The second major support level at $56,374 should limit the downside.

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.

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