The Crypto Daily – Movers and Shakers – September 4th, 2021

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Updated: Sep 4, 2021, 01:01 UTC

Following a return to $51,000 levels on Friday, Bitcoin would need to move back through to $51,500 levels to support the broader market.

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%.

Bitcoin Cash SV (+6.26%), Crypto.com Coin (+4.78%), Ethereum (+4.01%), and Polkadot (+4.04%) also found relatively strong support.

Binance Coin (+1.03%), Cardano’s ADA (+0.20%), Chainlink (+2.72%), and Ripple’s XRP (+2.91%) 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 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%.

This Morning

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.

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.