The Crypto Morning Recap – May 25th, 2021
It’s been a choppy start to the day for Bitcoin and the broader crypto market. After Monday’s partial recovery of last week’s losses, it’s back into the red, with the majors coughing up early gains.
Through the early hours of this morning, Bitcoin was back down at sub-$37,000, after having tested resistance at $40,000 at the start of the day.
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At the time of writing, Bitcoin, BTC to USD, was down by 4.93% to $36,930.0. Through the early hours, UTC, Bitcoin rose to a current day high $39,829.4 before sliding to a current day low $36,455.0.
Bitcoin left the major support and resistance levels untested through the morning.
The Rest of the Pack
Across the rest of the majors, it has been a mixed morning.
Bitcoin Cash SV and Crypto.com Coin were up by 4.25% and by 3.36% respectively to buck the morning trend.
It was a bearish start for the rest of the majors, however.
At the time of writing, Ripple’s XRP was down by 10.17% to lead the way down.
Binance Coin (-8.71%), Chainlink (-8.21%), Ethereum (-7.91%), Litecoin (-7.62%), and Polkadot (-8.74%) were also deep in the red.
Cardano’s ADA was down by a more modest 5.51%.
Through the early hours, the crypto total market rose to an early morning high $1,710bn before falling to a low $1,503bn. At the time of writing, the total market cap stood at $1,535bn.
Bitcoin’s dominance fell to an early morning low 43.67% before rising to a high 45.42%. At the time of writing, Bitcoin’s dominance stood at 45.08%.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the $37,770 pivot to support another run at the first major resistance level at $41,041.
Barring an extended rally through the early afternoon, however, resistance at $40,000 would likely leave Bitcoin short of the major resistance levels.
An early afternoon a move through to $40,000 levels, however, would bring the second major resistance level at $43,236 into play. Bitcoin would need plenty of support, however, to break out from the 38.2% FIB of $41,592.
Failure to move back through the $37,770 pivot would bring the first major support level at $35,575 into play.
Barring an extended sell-off throughout the afternoon, Bitcoin should steer clear of sub-$34,000 levels. The second major support level sits at $32,304.