The Crypto Daily – Movers and Shakers – August 24th, 2021

Bitcoin, BTC to USD, rose by 0.52% on Monday. Following a 0.88% gain on Sunday, Bitcoin ended the day at $49,525.0.

A bullish start to the day saw Bitcoin rise to a late morning intraday high $50,558.0 before hitting reverse.

Bitcoin broke through the first major resistance level at $49,807 and the second major resistance level at $50,349.

More significantly, Bitcoin also broke through the 23.6% FIB of $50,437 falling to a late intraday low $49,055.0.

Steering clear of the first major support level at $48,664, Bitcoin moved back through to $49,500 levels and into the red.

The near-term bullish trend remained intact, supported by the latest return to $50,000 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 bullish day on Monday.

Binance Coin surged by 11.27% to lead the way, with Cardano’s ADA (+7.72%) also finding strong support.

Bitcoin Cash SV (+0.85%), Chainlink (+1.85%),  Crypto.com Coin (+2.89%), Ethereum (+2.52%), Litecoin (+0.60%), Polkadot (+0.27%), and Ripple’s XRP (+1.42%) all trailed the front runners, however.

Early in the week, the crypto total market fell to an early Monday low $2,069bn before rising to a Monday high $2,142bn. At the time of writing, the total market cap stood at $2,124bn.

Bitcoin’s dominance rose to an early Monday high 44.69% before falling to a Monday low 43.93%. At the time of writing, Bitcoin’s dominance stood at 43.93%.

This Morning

At the time of writing, Bitcoin was up by 0.29% to $49,668.0. A mixed start to the day saw Bitcoin fall to an early morning low $49,400.0 before rising to a high $49,675.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a bullish start to the day.

At the time of writing, Crypto.com Coin was up by 0.83% to lead the way.

BTCUSD 240821 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $49,713 pivot to bring the first major resistance level at $50,370 and the 23.6% FIB of $50,473 into play.

Support from the broader market would be needed for Bitcoin to break back through to $50,000 levels.

Barring a broad-based crypto rally, the first major resistance level and 23.6% FIB would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $52,000 before any pullback. The second major resistance level sits at $51,216.

Failure to move through the $49,713 pivot would bring the first major support level at $48,867 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$48,000 levels. The second major support level $48,210 should limit the downside.

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