The Crypto Daily – Movers and Shakers – May 6th, 2021

Bitcoin, BTC to USD, rose by 7.95% on Wednesday. Reversing a 6.81% slide from Tuesday, Bitcoin ended the day at $57,487.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $52,960.0 before making a move.

Steering clear of the first major support level at $51,823, Bitcoin rose to a late afternoon intraday high $57,898.0.

Bitcoin broke through the first major resistance level at $55,922 before easing back to $56,500 levels.

Finding late support, however, Bitcoin moved back through to $57,000 levels to end the day at $57,400 levels.

The near-term bullish trend remained intact in spite of the latest slide back to sub-$53,000 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 bullish day on Wednesday.

Bitcoin Cash SV surged by 30.10% to lead the way.

Cardano’s ADA (+16.62%), Litecoin (+16.70%), and Ripple’s XRP (+16.17%) also made solid gains.

Binance Coin (+7.04%), Chainlink (+8.79%), Ethereum (+8.96%), and Polkadot (+7.65%) weren’t far behind, while Crypto.com Coin (+6.64%) trailed the front runners.

In the current week, the crypto total market fell to a Tuesday low $2,064bn before rising to a Wednesday high $2,384bn. At the time of writing, the total market cap stood at $2,314bn.

Bitcoin’s dominance rose to a Monday high 49.39% before falling to a Wednesday low 45.49%. At the time of writing, Bitcoin’s dominance stood at 46.04%.

This Morning

At the time of writing, Bitcoin was down by 0.92% to $56,958.0. A mixed start to the day saw Bitcoin rise to an early morning high $57,500.0 before falling to a low $56,751.0.

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

Elsewhere, it was a mixed start to the day.

Ripple’s XRP (4.43%), Bitcoin Cash SV (+2.67%), Crypto.com Coin (+0.94%), and Polkadot (+0.36%) found early support.

It was a bearish start for the rest of the majors, however.

At the time of writing, Chainlink was down by 3.17% to lead the way down.

BTCUSD 060521 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $56,115 to support a run at the first major resistance level at $59,270.

Support from the broader market would be needed for Bitcoin to break back through to $59,000 levels.

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 $61,053.

Failure to avoid a fall through the pivot at $56,115 would bring the first major support level at $54,332 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$53,000 levels. The second major support level sits at $51,117.

 

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