The Crypto Daily – Movers and Shakers – August 13th, 2021
Bitcoin, BTC to USD, fell by 2.43% on Thursday. Following a 0.18% decline on Wednesday, Bitcoin ended the day at $44,424.0.
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A mixed start to the day saw Bitcoin rise to an early morning intraday high $46,186.0 before hitting reverse.
Falling short of the first major resistance level at $46,392, Bitcoin slid to a late afternoon intraday low $43,786.0.
The sell-off saw Bitcoin fall through the first major support level at $45,006 and the second major support level at $44,480.
Steering clear of the third major support level at $43,094, Bitcoin revisited $44,500 levels before easing back.
The second major support level at $44,480 pegged Bitcoin back late in the day.
The near-term bullish trend remained intact, supported by the latest return to $46,000 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.
Cardano’s ADA bucked the trend on the day, rising by 2.10%.
It was a bearish day for the rest of the majors, however.
Crypto.com Coin slid by 7.21% to lead the way down.
Chainlink (-3.85%), Ethereum (-3.64%), Litecoin (-3.05%), and Ripple’s XRP (-4.55%) also struggled.
Binance Coin (-1.38%), Bitcoin Cash SV (-2.50%), and Polkadot (-0.25%) saw relatively modest losses, however.
In the current week, the crypto total market fell to a Monday low $1,696bn before rising to a Wednesday high $1,932bn. At the time of writing, the total market cap stood at $1,842bn.
Bitcoin’s dominance rose to a Monday high 47.44% before falling to a Thursday low 45.03%. At the time of writing, Bitcoin’s dominance stood at 45.41%.
This Morning
At the time of writing, Bitcoin was up by 0.18% to $44,505.0. A mixed start to the day saw Bitcoin rise to an early morning high $44,692.0 before falling to a low $44,266.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bullish start to the day.
At the time of writing, Cardano’s ADA was up by 2.04% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $44,799 pivot to bring the first major resistance level at $45,811 into play.
Support from the broader market would be needed for Bitcoin to break out from $45,500 levels.
Barring a broad-based crypto rally, the first major resistance level and Thursday’s high $46,186.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $48,000 before any pullback. The second major resistance level sits at $47,199.
Failure to move through the $44,799 pivot would bring the first major support level at $43,411 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$43,000 levels. The second major support level sits at $42,399.