The Crypto Daily – Movers and Shakers – September 5th, 2021

Bitcoin, BTC to USD, fell by 0.20% on Saturday. Following a 1.48% gain on Friday, Bitcoin ended the day at $49,899.0.

After mixed start to the day, Bitcoin rose to a late morning intraday high $50,544 before hitting reverse.

While falling short of the first major resistance level at $51,318, Bitcoin broke back through the 23.6% FIB of $50,473.

The reversal, however, saw Bitcoin fall to a late afternoon intraday low $49,401.0.

Steering clear of the first major support level at $48,501, Bitcoin revisited $50,200 levels before easing back into the red.

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 mixed day on Saturday

Bitcoin Cash SV (+3.75%), Binance Coin (+1.86%), and Crypto.com Coin (+1.03%) bucked the trend on the day.

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

Cardano’s ADA slid by 4.53% to lead the way down.

Chainlink (-2.89%), Polkadot (-3.38%), and Ripple’s XRP (-2.65%) also struggled.

Ethereum (-1.33%) and Litecoin (-0.55%) saw relatively modest losses on the day, however.

In the current the week, the crypto total market fell to a Monday low $1,996bn before rising to a Saturday high $2,334bn. 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 Saturday low 40.74%. At the time of writing, Bitcoin’s dominance stood at 41.36%.

This Morning

At the time of writing, Bitcoin was down by 0.15% to $49,822.0. A mixed start to the day saw Bitcoin rise to an early morning high $49,956.0 before falling to a low $49,819.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin was up by 0.16%, with Bitcoin Cash SV flat to buck the early trend.

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

At the time of writing, Ripple’s XRP was down by 0.93% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the $49,948 pivot to bring the first major resistance level at $50,495 into play.

Support from the broader market would be needed for Bitcoin to break back through the 23.6% FIB of $50,473.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $50,544.0 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 $51,091.

Failure to move back through the $49,948 pivot would bring the first major support level at $49,352 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$48,000 levels. The second major support level at $48,805 should limit the downside.