The Crypto Daily – Movers and Shakers – April 23rd, 2021
Bitcoin, BTC to USD, fell by 3.80% on Thursday. Following on from a 4.77% slide on Wednesday, Bitcoin ended the day at $51,735.0.
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A mixed start to the day saw Bitcoin fall to an early morning low $52,525.0 before making a move.
Bitcoin fell through the first major support level at $52,663 before rallying to a mid-day intraday high $55,500.0.
Falling short of the first major resistance level at $55,844, Bitcoin slid to a late intraday low $50,575.0.
The sell-off saw Bitcoin fall back through the first major support level at $52,663.
Bitcoin also fell through the second major support level at $51,545.
Coming within range of the 23.6% FIB of $50,473, Bitcoin revisited $52,200 levels before easing back.
While breaking back through the second major support level, Bitcoin came up short of the first major support level.
The near-term bullish trend remained intact in spite of the latest reversal. 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 another mixed day on Thursday.
Ethereum (+1.79%) and Polkadot (+1.45%) bucked the trend on the day once more.
It was a bearish day for the rest of the majors.
Ripple’s XRP slid by 10.53% to lead the way down
Binance Coin (-7.22%), Bitcoin Cash SV (-6.67%), Cardano’s ADA (-4.97%), and Crypto.com Coin (-5.58%) also struggled.
Chainlink (-3.43%) and Litecoin (-2.01%) saw relatively modest losses on the day.
In the current week, the crypto total market rose to a Monday high $2,100bn before sliding to a Thursday low $1,794bn. At the time of writing, the total market cap stood at $1,865.
Bitcoin’s dominance rose to a Tuesday high 54.32% before falling to a Thursday low 50.03%. At the time of writing, Bitcoin’s dominance stood at 51.63%.
This Morning
At the time of writing, Bitcoin was down by 0.14% to $51,665.0. A mixed start to the day saw Bitcoin rise to an early morning high $51,883.0 before falling to a low $51,321.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bearish start to the day.
At the time of writing, Crypto.com Coin was down by 9.45% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the pivot level at $52,603 to bring the first major resistance level at $54,632 into play.
Support from the broader market would be needed for Bitcoin to break back through to $54,000 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $55,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $58,000 before any pullback. The second major resistance level sits at $57,528.
Failure to move through the $52,603 pivot would bring the 23.6% FIB of $50,473 and the first major support level at $49,707 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $47,678.