The Crypto Daily – Movers and Shakers – May 10th, 2021
Bitcoin, BTC to USD, fell by 1.05% on Sunday. Partially reversing a 2.71% gain from Saturday, Bitcoin ended the week up by 2.95% to $58,276.0.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $59,236.5 before hitting reverse.
Falling short of the first major resistance level at $59,918, Bitcoin slid to a mid-day intraday low $56,255.0.
Bitcoin fell through the first major support level at $57,407 before a late move back through to $58,000 levels.
The near-term bullish trend remained intact supported by the latest visit to $59,000 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 Sunday.
Crypto.com Coin slid by 5.88% to lead the way down, with Bitcoin Cash SV (-1.57%) and Ripple’s XRP (-1.80%) also joining Bitcoin in the red.
It was a bullish end to the week for the rest of the majors, however.
Cardano’s ADA and Litecoin rallied by 8.88% and by 11.66% respectively to lead the way, with Chainlink (+7.40%) also finding strong support.
Binance Coin (+2.37%), Ethereum (+0.29%), and Polkadot (+2.07%) also avoided the red.
It was also a mixed week for the cryptos in the week ending 9th May.
Crypto.com Coin (-6.08%) and Ripple’s XRP (-1.65%) saw red to buck the trend for the week.
It was a bullish week for the rest of the majors, however.
Litecoin led the way, surging by 44.30%.
Binance Coin (+23.05%), Cardano’s ADA (+33.16%), Chainlink 32.37%, and Ethereum (+33.07%) also found strong support.
Bitcoin Cash SV (+7.55%) and Polkadot (+6.93%) trailed the front runners, however.
In the week, the crypto total market fell to a Tuesday low $2,064bn before rising to a Saturday high $2,482bn. At the time of writing, the total market cap stood at $2,395bn.
Bitcoin’s dominance rose to a Monday high 49.44% before falling to a Thursday low 44.65%. At the time of writing, Bitcoin’s dominance stood at 45.43%.
This Morning
At the time of writing, Bitcoin was down by 0.20% to $58,157.0. A mixed start to the day saw Bitcoin rise to an early morning high $58,421.4 before falling to a low $58,150.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (+0.14%), Bitcoin Cash SV (+2.15%), Chainlink (+1.09%), Crypto.com Coin (+1.26%), and Litecoin (+2.26%) found early support.
It was a bearish start for the rest of the majors.
Cardano’s ADA (0.39%), Ethereum (-0.51%), Polkadot (-0.13%), and Ripple’s XRP (-0.42%) joined Bitcoin in the red.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $57,993 to support a run at the first major resistance level at $59,590.
Support from the broader market would be needed for Bitcoin to break out from Sunday’s high $59,236.5.
Barring an extended crypto rally, the first major resistance level and resistance at $60,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at the swing hi $64,829 before any pullback. The second major resistance level sits at $60,904, with the third major resistance level sitting at $63,886.
Failure to avoid a fall through the pivot at $57,993 would bring the first major support level at $56,609 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$55,000 levels. The second major support level sits at $54,941.
This article was originally posted on FX Empire
