The Crypto Daily – Movers and Shakers – August 22nd, 2021
Bitcoin, BTC to USD, fell by 1.01% on Saturday. Partially reversing a 5.48% rally from Friday, Bitcoin ended the day at $48,837.0.
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After a range-bound start to the day, Bitcoin fell to a late morning intraday low $48,219.0 before making a move.
Steering clear of the of the first major support level at $47,518, Bitcoin rallied to a late afternoon intraday high $49,788.0.
Falling short of the first major resistance level at $50,271, however, Bitcoin slid back to sub-$49,000 and into the red.
The near-term bullish trend remained intact, supported by the latest return to $49,000 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 Saturday.
Bitcoin Cash SV and Ripple’s XRP led the way down, with losses of 3.25% and 3.57% respectively.
Chainlink (-2.89%), Ethereum (-1.83%), and Litecoin (-2.11%) also struggled.
Binance Coin (-1.29%), Cardano’s ADA (-0.75%), Crypto.com Coin (-0.73%), and Polkadot (-0.06%) saw relatively modest losses, however.
In the current week, the crypto total market fell to a Wednesday low $1,832bn before rising to a Saturday high $2,124bn. At the time of writing, the total market cap stood at $2,062bn.
Bitcoin’s dominance fell to a Tuesday low 43.67% before rising to a Wednesday high 45.35%. At the time of writing, Bitcoin’s dominance stood at 44.55%.
This Morning
At the time of writing, Bitcoin was up by 0.03% to $48,854.0. A mixed start to the day saw Bitcoin fall to an early morning low $48,692.5 before rising to a high $48,998.7.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV was down by 0.72% to buck the trend at the start of the day.
It was a bullish start for the rest of the majors, however.
At the time of writing, Polkadot was up by 1.45% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the $48,948 pivot to bring the first major resistance level at $49,667 into play.
Support from the broader market would be needed for Bitcoin to break out from $49,500 levels.
Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $49,788.0 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 $50,517.
Failure to move back through the $48,948 pivot would bring the first major support level at $48,108 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$47,000 levels. The second major support level $47,379 should limit the downside.