The Crypto Daily – Movers and Shakers – August 25th, 2021
Bitcoin, BTC to USD, fell by 3.65% on Tuesday. Reversing a 0.52% gain from Monday, Bitcoin ended the day at $47,714.0.
A choppy start to the day saw Bitcoin rise to a mid-morning intraday high $49,860.0 before hitting reverse.
Falling short of the first major resistance level at $50,370, however, Bitcoin slid to a final hour intraday low $47,555.0.
The extended sell-off saw Bitcoin fall through the first major support level at $48,867 and the second major support level at $48,210 to end the day at sub-$48,000 levels.
The near-term bullish trend remained intact, supported by the latest return to $50,000 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 Tuesday.
Chainlink slid by 9.86% to lead the way down, with Litecoin (-7.18%) and Ripple’s XRP (-8.63%) ending the day in the deep red.
Binance Coin (-5.56%), Cardano’s ADA (-6.72%), Ethereum (-4.55%), and Polkadot (-6.62%) also struggled.
Bitcoin Cash SV (-2.38%) and Crypto.com Coin (-1.65%) saw relatively modest losses on the day.
Early in the week, the crypto total market rose to a Monday high $2,169bn before falling to a Tuesday low $1,989bn. At the time of writing, the total market cap stood at $2,034bn.
Bitcoin’s dominance fell to a Tuesday low 43.64% before rising to a Tuesday high 44.96%. At the time of writing, Bitcoin’s dominance stood at 44.34%.
This Morning
At the time of writing, Bitcoin was up by 0.60% to $48,000.0. A mixed start to the day saw Bitcoin fall to an early morning low $47,655.0 before rising to a high $48,135.2.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV and Crypto.com Coin were down by 0.58% and by 1.20% to buck the early trend.
It was a bullish start for the rest of the majors, however.
At the time of writing, Cardano’s ADA was up by 1.86% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $48,376 pivot to bring the first major resistance level at $49,198 into play.
Support from the broader market would be needed for Bitcoin to break back through to $49,000 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 the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $50,681.
Failure to move through the $48,376 pivot would bring the first major support level at $46,893 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$46,000 levels. The second major support level $46,071 should limit the downside.
This article was originally posted on FX Empire