The Crypto Daily – Movers and Shakers – September 3rd, 2021Following Bitcoin’s return to $50,000 on Thursday, the next target will be $55,000. Bitcoin would need to break through the 23.6% FIB, however, to avoid a pullback.
Bitcoin, BTC to USD, rose by 0.92% on Thursday. Following a 3.57% gain on Wednesday, Bitcoin ended the day at $49,273.7.
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A mixed start to the day saw Bitcoin fall to an early morning intraday low $48,631.0 before making a move.
Steering clear of the first major support level at $47,229, Bitcoin rallied to an early afternoon intraday high $50,365.0.
Bitcoin broke through the first major resistance level at $49,778 before easing back to $49,200 levels.
Late in the day, Bitcoin briefly revisit $49,850 levels before easing back to end the day at sub-$49,300 levels.
The first major resistance level at $49,778 pegged Bitcoin back.
The near-term bullish trend remained intact, supported by the latest return to $50,000 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 mixed day on Thursday
It was a bullish day for the rest of the majors, however.
In the current the week, the crypto total market fell to a Monday low $1,996bn before rising to a Thursday high $2,285bn. At the time of writing, the total market cap stood at $2,216bn.
Bitcoin’s dominance rose to a Monday high 44.14% before falling to a Wednesday low 41.40%. At the time of writing, Bitcoin’s dominance stood at 41.85%.
At the time of writing, Bitcoin was up by 0.11% to $49,326.0. A mixed start to the day saw Bitcoin fall to an early morning low $49,212.7 before rising to a high $49.406.2.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (-0.11%), Chainlink (-0.06%), Litecoin (-0.18%), and Ripple’s XRP (-0.24%) saw red 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 2.38% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $49,423 pivot to bring the first major resistance level at $50,216 and the 23.6% FIB of $50,473 into play.
Support from the broader market would be needed for Bitcoin to break out from Thursday’s high $50,365.0.
Barring a broad-based crypto rally, the 23.6% FIB would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $52,000 before any pullback. The second major resistance level sits at $51,157.
Failure to move through the $49,423 pivot would bring the first major support level at $48,482 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$48,000 levels. The second major support level sits at $47,689.