The Crypto Daily – Movers and Shakers – September 6th, 2021After a bullish week for Bitcoin and the broader crypto market, the Bitcoin bulls will be eyeing $55,000 levels… Avoiding a return to sub-$51,000 will be key, however.
Bitcoin, BTC to USD, rose by 3.77% on Sunday. Reversing a 0.20% loss from Saturday, Bitcoin ended the week up by 6.11% to $51,779.0.
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A mixed start to the day saw Bitcoin fall to an early morning intraday low $49,470.0 before making a move.
Steering clear of the first major support level at $49,352, Bitcoin rallied to a late intraday high $51,900.0.
Bitcoin broke through the first major resistance level at $50,495 and the second major resistance level at $51,091.
The breakout also saw Bitcoin break back through the 23.6% FIB of $50,473 to end the day at $51,700 levels.
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 Sunday
It was also a bullish week for the crypto majors.
Chainlink (+30.44%), Ethereum (+22.49%), Litecoin (+33.14%), and Polkadot (+26.20%) led the way.
Bitcoin Cash SV (+13.65%), Crypto.com Coin (+14.93%), and Ripple’s XRP (+14.50%) also found strong support.
Binance Coin (+5.17%) and Cardano’s ADA (+2.14%) saw modest gains, however.
In the week, the crypto total market fell to a Monday low $1,996bn before rising to a Sunday high $2,390bn. At the time of writing, the total market cap stood at $2,342bn.
Bitcoin’s dominance rose to a Monday high 44.14% before falling to a Sunday low 40.85%. At the time of writing, Bitcoin’s dominance stood at 41.50%.
At the time of writing, Bitcoin was down by 0.24% to $51,657.1. A mixed start to the day saw Bitcoin rise to an early morning high $51,877.0 before falling to a low $51,657.1.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV (+0.09%), Crypto.com Coin (+2.00%), and Ripple’s XRP (+0.84%) found early support.
It was a bearish start for the rest of the majors, however.
At the time of writing, Chainlink was down by 1.97% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $51,050 pivot to bring the first major resistance level at $52,630 into play.
Support from the broader market would be needed for Bitcoin to break back through $52,000 levels.
Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $53,480.
A fall through the $51,050 pivot would bring the 23.6% FIB of $50,473 and the first major support level at $50,200 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$49,000 levels. The second major support level sits at $48,620.