The Crypto Daily – Movers and Shakers – May 3rd, 2021It’s a bullish start to the day. A Bitcoin move back through to $58,000 levels would support an extended rally for the broader market.
Bitcoin, BTC to USD, fell by 2.02% on Sunday. Reversing a 0.25% gain from Saturday, Bitcoin ended the week up by 15.22% to $56,605.0.
A bullish start to the day saw Bitcoin rise to an early morning intraday high $57,900.0 before hitting reverse.
Falling short of the first major resistance level at $58,400, Bitcoin fell to a mid-morning intraday low $56,050.0.
Bitcoin fell through the first major support level at $57,074 before briefly revisiting $57,300 levels.
Failing to move back into positive territory, Bitcoin fell back through the first major support level to end the day at sub-$57,000 levels.
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 Sunday.
It was a bearish day for the rest of the majors, however.
In the 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 $2,208bn.
Bitcoin’s dominance rose to a Monday high 51.73% before falling to a Sunday low 48.76%. At the time of writing, Bitcoin’s dominance stood at 49.01%.
At the time of writing, Bitcoin was up by 2.05% to $57,762.6. A bullish start to the day saw Bitcoin rise from an early morning low $56,574.0 to a high $58,279.0 before easing back.
Bitcoin broke through the first major resistance level at $57,653 early on.
Elsewhere, it was a bullish start to the day.
At the time of writing, Ethereum and Ripple’s XRP were up by 3.16% and by 3.07% respectively to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall back through the first major resistance level at $57,653 to bring the second major resistance level at $58,702 into play.
Support from the broader market would be needed for Bitcoin to breakout from the morning high $58,279.0.
Barring an extended crypto rally, the second major resistance level would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $60,000 before any pullback. The third major resistance level sits at $60,552.
A fall back through the first major resistance level would bring the pivot at $56,852 and the first major support level at $55,803 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$55,000 levels. The second major support level at $55,002 should limit the downside.