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The Crypto Daily – Movers and Shakers – September 3rd, 2021

By:
Bob Mason
Updated: Sep 3, 2021, 01:33 UTC

Following 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 coin on white keyboard

In this article:

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.

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

Polkadot slid by 5.03%, with Binance Coin (-1.28%), Bitcoin Cash SV (-0.52%), and Ethereum (-1.08%) also seeing red.

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

Cardano’s ADA and Crypto.com Coin led the way, with gains of 3.11% and 4.08% respectively.

Chainlink (+0.72%), Litecoin (+1.40%), and Ripple’s XRP (+1.35%) trailed the front runners, 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%.

This Morning

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.

BTCUSD 030921 Hourly Chart

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.

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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