The Crypto Daily – Movers and Shakers – May 26th, 2021
It’s a mixed start to the day for Bitcoin and the broader market. A Bitcoin move through to $40,000 would be needed to support a broad-based crypto rally.
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Bitcoin, BTC to USD, fell by 1.17% on Tuesday. Partially reversing an 11.79% rally from Monday, Bitcoin ended the day at $38,396.8.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $39,829.4 before hitting reverse.
Falling short of the first major resistance level at $41,041, Bitcoin fell to a mid-day intraday low $36,455.0.
Steering clear of the first major support level at $35,575, Bitcoin revisited $38,700 levels before easing back.
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 Tuesday.
Crypto.com Coin rose by 6.04% to lead the way.
Bitcoin Cash SV (+0.28%), Ethereum (+2.20%), Cardano’s ADA (+0.07%), and Chainlink (+4.63%) also avoided the red to buck the broader trend.
It was a bearish day for the rest of the majors.
Polkadot fell by 3.60% to lead the way down, with Ripple’s XRP (-1.60%) also struggling.
Binance Coin (-0.66%) and Litecoin (-0.75%) saw relatively modest losses on the day.
Early in the week, the crypto total market fell to a Monday low $1,368bn before rising to a Tuesday high $1,714bn. At the time of writing, the total market cap stood at $1,635bn.
Bitcoin’s dominance rose to a Monday high 47.08% before falling to a Tuesday low 43.55%. At the time of writing, Bitcoin’s dominance stood at 43.92%.
At the time of writing, Bitcoin was down by 0.17% to $38,332.0. A mixed start to the day saw Bitcoin rise to an early morning high $38,622.0 before falling to a low $38,187.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a mixed start to the day.
Binance Coin (-0.31%), Litecoin (-0.33%), and Ripple’s XRP (-0.88%) also saw red early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Cardano’s ADA was up by 2.74% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall back through the pivot level at $38,227 to bring the first major resistance level at $40,000 into play.
Support from the broader market would be needed for Bitcoin to break back through to $39,000 levels.
Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $39,829.4 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at the 38.2% FIB of $41,592 and the second major resistance level at $41,602.
Failure to avoid a fall back through the pivot at $38,227 would bring the first major support level at $36,625 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$35,000 levels. The second major support level sits at $34,853.Source