The Crypto Daily – The Movers and Shakers – May 23rd, 2021
Bitcoin, BTC to USD, rose by 0.47% on Saturday. Partially reversing a 7.88% slide from Friday, Bitcoin ended the day at $37,557.
A mixed start to the day saw Bitcoin fall to a mid-morning intraday low $35,372.0 before making a move.
Steering clear of the first major support level at $33,196, Bitcoin rose to a late morning intraday high $38,956.0.
Falling well short of the 38.2% FIB of $41,592 and the first major support level at $41,942, Bitcoin fell back to $37,200 levels and into the red.
Late in the day, Bitcoin moved back through to $38,000 levels before ending the day at sub-$38,000 levels.
The near-term bullish trend remained intact in spite of the latest slide back to sub-$30,000 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 bearish day on Sunday.
Polkadot and Ripple’s XRP slid by 10.06% and by 10.11% to lead the way down.
In the current week, the crypto total market rose to a Monday high $2,162bn before sliding to a Wednesday low $1,207bn. At the time of writing, the total market cap stood at $1,508bn.
Bitcoin’s dominance fell to a Wednesday low 39.66% before rising to a Saturday high 46.41%. At the time of writing, Bitcoin’s dominance stood at 45.96%.
At the time of writing, Bitcoin was down by 1.41% to $37,029.0. A bearish start to the day saw Bitcoin fall from an early morning high $37,575.0 to a low $36,880.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a mixed start to the day.
Polkadot was up by 0.14% to buck the trend at the start of the day.
It was a bearish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was down by 3.68% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the pivot level at $37,295 to bring the first major resistance level at $39,218 into play.
Support from the broader market would be needed for Bitcoin to break out from Saturday’s high $38,956.0.
Barring a broad-based crypto rally, the first major resistance level at $39,218 and resistance at $40,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at the 38.2% FIB of $41,592 before any pullback. The second major resistance level sits at $40,879.
Failure to move back through the pivot at $37,295 would bring the first major support level at $35,634 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $33,711.