The Crypto Daily – Movers and Shakers – September 5th, 2021
Bitcoin, BTC to USD, fell by 0.20% on Saturday. Following a 1.48% gain on Friday, Bitcoin ended the day at $49,899.0.
After mixed start to the day, Bitcoin rose to a late morning intraday high $50,544 before hitting reverse.
While falling short of the first major resistance level at $51,318, Bitcoin broke back through the 23.6% FIB of $50,473.
The reversal, however, saw Bitcoin fall to a late afternoon intraday low $49,401.0.
Steering clear of the first major support level at $48,501, Bitcoin revisited $50,200 levels before easing back into the red.
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 mixed day on Saturday
Bitcoin Cash SV (+3.75%), Binance Coin (+1.86%), and Crypto.com Coin (+1.03%) bucked the trend on the day.
It was a bearish day for the rest of the majors, however.
Cardano’s ADA slid by 4.53% to lead the way down.
Chainlink (-2.89%), Polkadot (-3.38%), and Ripple’s XRP (-2.65%) also struggled.
Ethereum (-1.33%) and Litecoin (-0.55%) saw relatively modest losses on the day, however.
In the current the week, the crypto total market fell to a Monday low $1,996bn before rising to a Saturday high $2,334bn. At the time of writing, the total market cap stood at $2,266bn.
Bitcoin’s dominance rose to a Monday high 44.14% before falling to a Saturday low 40.74%. At the time of writing, Bitcoin’s dominance stood at 41.36%.
This Morning
At the time of writing, Bitcoin was down by 0.15% to $49,822.0. A mixed start to the day saw Bitcoin rise to an early morning high $49,956.0 before falling to a low $49,819.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin was up by 0.16%, with Bitcoin Cash SV flat to buck the early trend.
It was a bearish start for the rest of the majors, however.
At the time of writing, Ripple’s XRP was down by 0.93% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the $49,948 pivot to bring the first major resistance level at $50,495 into play.
Support from the broader market would be needed for Bitcoin to break back through the 23.6% FIB of $50,473.
Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $50,544.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $52,000 before any pullback. The second major resistance level sits at $51,091.
Failure to move back through the $49,948 pivot would bring the first major support level at $49,352 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$48,000 levels. The second major support level at $48,805 should limit the downside.
This article was originally posted on FX Empire