The Crypto Daily – The Movers and Shakers – May 28th, 2021
Bitcoin, BTC to USD, fell by 1.95% on Thursday. Partially reversing a 2.42% gain from Wednesday, Bitcoin ended the day at $38,537.0.
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A mixed start to the day saw Bitcoin fall to an early morning intraday low $37,221.0 before making a move.
Bitcoin fell through the first major support level at $37,807 before rising to an early afternoon intraday high $40,500.0.
Falling short of the first major resistance level at $40,840, however, Bitcoin fell back to sub-$39,000 levels and into the red.
The near-term bullish trend remained intact in spite of the latest slide back to sub-$30,000 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.
Crypto.com Coin bucked the trend, rising by 4.21%.
It was a bearish day for the rest of the majors, however.
Cardano’s ADA (-7.02%) and Chainlink (-6.86%) led the way down.
Ethereum (-4.98%) and Ripple’s XRP (-5.79%) also struggled.
Binance Coin (-2.56%), Bitcoin Cash SV (-1.78%), Litecoin (-2.43%) and Polkadot (-0.39%) saw relatively modest losses on the day, however.
In the current week, the crypto total market fell to a Monday low $1,369bn before rising to a Wednesday high $1,786bn. At the time of writing, the total market cap stood at $1,681bn.
Bitcoin’s dominance rose to a Monday high 47.06% before falling to a Thursday low 42.68%. At the time of writing, Bitcoin’s dominance stood at 43.23%.
This Morning
At the time of writing, Bitcoin was up by 0.83% to $38,855.9. A mixed start to the day saw Bitcoin fall to an early morning low $38,100.0 before rising to a high $38,889.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a mixed start to the day.
Bitcoin Cash SV and Crypto.com Coin were down by 0.03% and by 2.99% respectively to buck the early trend.
It was a bullish start for the rest of the majors, however.
At the time of writing, Litecoin was up by 1.70% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall back through the pivot level at $38,753 to bring the first major resistance level at $40,284 into play.
Support from the broader market would be needed for Bitcoin to break back through to $40,000 levels.
Barring a broad-based crypto rally, the first major resistance level and Thursday’s high $40,500 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $43,000 levels. The second major resistance level sits at $42,032. Bitcoin would need plenty of support, however, to breakout from the 38.2% FIB of $41,592.
Failure to avoid a fall back through the pivot at $38,753 would bring the first major support level at $37,005 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$36,000 levels. The second major support level sits at $35,474.