The Crypto Daily – Movers and Shakers – September 4th, 2021Following a return to $51,000 levels on Friday, Bitcoin would need to move back through to $51,500 levels to support the broader market.
Bitcoin, BTC to USD, rose by 1.48% on Friday. Following a 0.92% gain on Thursday, Bitcoin ended the day at $50,001.0.
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A mixed start to the day saw Bitcoin fall to an early morning intraday low $48,332.0 before making a move.
Bitcoin fell through the first major support level at $48,482 before rallying to an early afternoon intraday high $51,142.0.
Bitcoin broke through the first major resistance level at $50,216 and the 23.6% FIB of $50,473.
Coming within range of the second major resistance level at $51,157, however, Bitcoin fell back to end the day at sub-$50,100.
The pullback saw Bitcoin fall back through the 23.6% FIB and the first major resistance level.
The near-term bullish trend remained intact, supported by the latest return to $51,000 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 bullish day on Friday
Litecoin led the way, surging by 16.25%.
In the current the week, the crypto total market fell to a Monday low $1,996bn before rising to a Friday high $2,333bn. At the time of writing, the total market cap stood at $2,266bn.
Bitcoin’s dominance rose to a Monday high 44.14% before falling to a Friday low 41.13%. At the time of writing, Bitcoin’s dominance stood at 41.45%.
At the time of writing, Bitcoin was down by 0.16% to $49,921.0. A mixed start to the day saw Bitcoin rise to an early morning high $50,012.0 before falling to a low $49,877.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Ripple’s XRP bucked the early trend, rising by 0.16%.
It was a bearish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was down by 1.73% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $49,825 pivot to bring the first major resistance level at $51,318 into play.
Support from the broader market would be needed for Bitcoin to break out from 23.6% FIB of $50,473 once more.
Barring a broad-based crypto rally, the first major resistance level and Friday’s high $51,142 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $53,000 before any pullback. The second major resistance level sits at $52,635.
A fall through the $49,825 pivot would bring the first major support level at $48,508 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 $47,015.