The Crypto Daily – Movers and Shakers – May 4th, 2021

Bitcoin, BTC to USD, rose by 0.96% on Monday. Partially reversing a 2.02% loss from Sunday, Bitcoin ended the day at $57,147.0.

A bullish start to the day saw Bitcoin rally to a late morning intraday high $58,945.0 before hitting reverse.

Bitcoin broke through the first major resistance level at $57,653 and the second major resistance level at $58,702.

Falling short of $60,000 levels, Bitcoin slid to a late intraday low $56,511.0.

Steering clear of the first major support level at $55,803, Bitcoin move back through to $57,000 levels and back into the green.

The near-term bullish trend remained intact supported by the return to $58,000 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 Monday.

Ripple’s XRP fell by 0.59% to buck the trend on the day.

It was a bullish day for the rest of the majors, however.

Bitcoin Cash SV and Ethereum rallied by 12.60% and by 16.32% to lead the way.

Binance Coin (+8.78%), Chainlink (+6.47%), and Litecoin (+9.59%) also found strong support.

Cardano’s ADA (+2.66%), Crypto.com Coin (+1.35%), and Polkadot (+0.66%) trailed the front runners, however.

Early in the week, the crypto total market fell to a Monday low $2,137bn before rising to a Monday high $2,332bn. At the time of writing, the total market cap stood at $2,216bn.

Bitcoin’s dominance rose to a Monday high 49.27% before falling to an early Tuesday low 47.21%. At the time of writing, Bitcoin’s dominance stood at 47.61%.

This Morning

At the time of writing, Bitcoin was down by 1.13% to $56,502.1. A mixed start to the day saw Bitcoin rise to an early morning high $57,166.0 before falling to a low $56,430.0.

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

Elsewhere, it was a bearish start to the day.

At the time of writing, Ripple’s XRP was down by 3.80% to lead the way down.

BTCUSD 040521 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $57,534 to support a run at the first major resistance level at $58,558.

Support from the broader market would be needed for Bitcoin to breakout back through to $58,000 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $58,945 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $60,000 before any pullback. The second major resistance level sits at $59,968.

Failure to move back through the pivot at $57,534 would bring the first major support level at $56,124 into play.

Barring another extended sell-off on the day, Bitcoin should avoid a fall back to sub-$55,000 levels. The second major support level at $55,100 should limit the downside.

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