The Crypto Daily – Movers and Shakers – May 8th, 2021
Bitcoin, BTC to USD, rose by 1.59% on Friday. Partially reversing a 1.80% loss from Thursday, Bitcoin ended the day at $57,349.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $55,300.0 before making a move.
Steering clear of the first major support level at $55,040, Bitcoin rallied to a late afternoon intraday high $58,635.0.
Bitcoin broke through the first major resistance level at $58,101 before easing back to sub-$57,000 levels.
Finding late support, however, Bitcoin moved back through to $57,000 levels to deliver the upside on the day.
The near-term bullish trend remained intact supported by the recovery to $57,000 levels. For the bears, Bitcoin would need to slide 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 Friday.
Chainlink rose by 4.24% to lead the way, with Cardano’s ADA (+0.21%) and Crypto.com Coin (+1.33%) also avoiding the red.
It was a bearish day for the rest of the majors, however.
Bitcoin Cash SV slid by 11.54% to lead the way down, with Polkadot falling by 5.59%.
Binance Coin (-1.52%), Ethereum (-0.22%), Litecoin (-2.61%), and Ripple’s XRP (-1.44%) saw relatively modest losses.
In the current week, the crypto total market fell to a Tuesday low $2,064bn before rising to a Thursday high $2,447bn. At the time of writing, the total market cap stood at $2,332bn.
Bitcoin’s dominance rose to a Monday high 49.39% before falling to a Thursday low 44.65%. At the time of writing, Bitcoin’s dominance stood at 46.10%.
This Morning
At the time of writing, Bitcoin was up by 0.11% to $57,411.0. A mixed start to the day saw Bitcoin fall to an early morning low $57,267.0 before rising to a high $57,583.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (-0.09%), Cardano’s ADA (-0.26%), Crypto.com Coin (-0.94%), and Polkadot (-0.16%) saw early red.
It was a bullish start for the rest of the majors, however.
At the time of writing, Chainlink was up by 0.92% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $57,095 to support a run at the first major resistance level at $58,889.
Support from the broader market would be needed for Bitcoin to break out from Friday’s high $58,635.0.
Barring an extended crypto rally, the first major resistance level and resistance at $59,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $60,000 before any pullback. The second major resistance level sits at $60,430.
Failure to avoid a fall through the pivot at $57,095 would bring the first major support level at $55,554 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$54,000 levels. The second major support level sits at $53,760.
This article was originally posted on FX Empire
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