The Crypto Daily – Movers and Shakers – May 2nd, 2021
Bitcoin, BTC to USD, rose by 0.25% on Saturday. Consolidating Friday’s 7.59% gain, Bitcoin ended the day at $57,774.0.
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A bullish start to the day saw Bitcoin rise to an early morning intraday high $58,326.0 before hitting reverse.
Falling short of the first major resistance level at $59,260, Bitcoin fell to a mid-afternoon intraday low $57,000.0.
Steering clear of the first major support level at $54,534, Bitcoin revisited $57,900 levels before easing back.
The near-term bullish trend remained intact supported by the return to $58,000 levels. 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 a mixed day on Saturday.
Binance Coin (-0.43%), Cardano’s ADA (-0.13%), and Crypto.com Coin (-2.35%) saw red to buck the trend on the day.
It was a bullish day for the rest of the majors, however.
Bitcoin Cash SV rallied by 12.35% to lead the way, with Chainlink and Ethereum seeing gains of 8.13% and 6.20% respectively.
Litecoin (+1.99%), Polkadot (+0.89%, and Ripple’s XRP (+3.31%) also avoided the red.
In the current week, the crypto total market fell to a Monday low $1,778bn before rising to a Saturday high $2,229bn. At the time of writing, the total market cap stood at $2,188bn.
Bitcoin’s dominance rose to a Monday high 51.73% before falling to a Saturday low 49.10%. At the time of writing, Bitcoin’s dominance stood at 49.24%.
This Morning
At the time of writing, Bitcoin was down by 0.43% to $57,527.0. A mixed start to the day saw Bitcoin rise to an early morning high $57,900.0 before falling to a low $57,461.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (+0.79%), Crypto.com Coin (+0.89%), and Polkadot (+0.19%) found early support to buck the trend.
It was a bearish start for the rest of the majors, however.
At the time of writing, Ripple’s XRP was down by 1.55% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move back through $57,700 pivot to bring the first major resistance level at $58,400 into play.
Support from the broader market would be needed for Bitcoin to break back through to $58,000 levels.
Barring an extended crypto rally, the first major resistance level and Saturday’s $58,326 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $60,000 before any pullback. The second major resistance level sits at $59,026.
Failure to move back through the $57,700 pivot would bring the first major support level at $57,074 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$56,000 levels. The second major support level at $56,374 should limit the downside.