Advertisement
Advertisement

The Crypto Daily – The Movers and Shakers – May 28th, 2021

By:
Bob Mason
Updated: May 28, 2021, 01:07 UTC

It's a mixed start to the day for the majors. A Bitcoin move back through to $40,000 levels would support a recovery of Thursday's losses.

Depositphotos_192431198_s-2019 (1)

In this article:

Bitcoin, BTC to USD, fell by 1.95% on Thursday. Partially reversing a 2.42% gain from Wednesday, Bitcoin ended the day at $38,537.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $37,221.0 before making a move.

Bitcoin fell through the first major support level at $37,807 before rising to an early afternoon intraday high $40,500.0.

Falling short of the first major resistance level at $40,840, however, Bitcoin fell back to sub-$39,000 levels and into the red.

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 mixed day on Thursday.

Crypto.com Coin bucked the trend, rising by 4.21%.

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

Cardano’s ADA (-7.02%) and Chainlink (-6.86%) led the way down.

Ethereum (-4.98%) and Ripple’s XRP (-5.79%) also struggled.

Binance Coin (-2.56%), Bitcoin Cash SV (-1.78%), Litecoin (-2.43%) and Polkadot (-0.39%) saw relatively modest losses on the day, however.

In the current week, the crypto total market fell to a Monday low $1,369bn before rising to a Wednesday high $1,786bn. At the time of writing, the total market cap stood at $1,681bn.

Bitcoin’s dominance rose to a Monday high 47.06% before falling to a Thursday low 42.68%. At the time of writing, Bitcoin’s dominance stood at 43.23%.

This Morning

At the time of writing, Bitcoin was up by 0.83% to $38,855.9. A mixed start to the day saw Bitcoin fall to an early morning low $38,100.0 before rising to a high $38,889.0.

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

Elsewhere, it was also a mixed start to the day.

Bitcoin Cash SV and Crypto.com Coin were down by 0.03% and by 2.99% respectively to buck the early trend.

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

At the time of writing, Litecoin was up by 1.70% to lead the way.

BTCUSD 280521 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $38,753 to bring the first major resistance level at $40,284 into play.

Support from the broader market would be needed for Bitcoin to break back through to $40,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Thursday’s high $40,500 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $43,000 levels. The second major resistance level sits at $42,032. Bitcoin would need plenty of support, however, to breakout from the 38.2% FIB of $41,592.

Failure to avoid a fall back through the pivot at $38,753 would bring the first major support level at $37,005 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$36,000 levels. The second major support level sits at $35,474.

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.

Did you find this article useful?

Advertisement