The Crypto Daily – Movers and Shakers – September 17th, 2021

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Updated: Sep 17, 2021, 00:52 UTC

Following a bearish session for Bitcoin and the broader market on Thursday, a Bitcoin return to $48,500 levels would support the pack.

Coins of crypto currency are presented on a dark background. Virtual money concept.

The Rest of the Pack

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

Crypto.com Coin rose by 2.04% to buck the trend.

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

Cardano’s ADA fell by 3.52% to lead the way down.

Binance Coin (-1.62%), Chainlink (-2.93%), Ethereum (-1.30%), Litecoin (-2.08%), Polkadot (-1.82%), and Ripple’s XRP (-2.71%) also struggled.

Bitcoin Cash SV (-0.33%) saw a relatively modest loss, however

In the current the week, the crypto total market fell to a Monday low $1,958bn before rising to a Thursday high $2,245bn. At the time of writing, the total market cap stood at $2,181bn.

Bitcoin’s dominance fell to a Monday low 40.36% before rising to a Wednesday high 41.91%. At the time of writing, Bitcoin’s dominance stood at 41.28%.

This Morning

At the time of writing, Bitcoin was up by 0.09% to $47,825.0. A mixed start to the day saw Bitcoin fall to an early morning low $47,711.5 before rising to a high $47,886.0.

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

Elsewhere, it was a bullish start to the day.

At the time of writing, Bitcoin Cash SV was up by 0.85% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $47,791 pivot to bring the first major resistance level at $48,521 into play.

Support from the broader market would be needed for Bitcoin to break back through to $48,500 levels.

Barring a broad-based crypto rally, the first major resistance level and resistance at $49,000 would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $49,260.

A fall back through the $47,791 pivot would bring the first major support level at $47,052 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$46,000 levels. The second major support level at $46,322 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.