The Crypto Daily – Movers and Shakers – August 31st, 2021

Bitcoin, BTC to USD, slid by 3.68% on Monday. Following a 0.23% decline on Sunday, Bitcoin ended the week at $47,004.8.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $48,924.7 before hitting reverse.

Falling short of the first major resistance level at $49,713, Bitcoin fell to an early afternoon low $47,417.0.

Bitcoin fell through the first major support level at $47,823 before briefly revisiting $48,700 levels.

A bearish end to the day, however, saw Bitcoin slide back through the first major support level to a final hour intraday low $46,903.

Coming within range of the second major support level at $46,847, Bitcoin ended the day at $47,000 levels.

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 mixed day on Monday

Polkadot rallied by 5.12%, with Ethereum rising by 0.08% buck the trend on the day.

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

Binance Coin (-4.18%). Bitcoin Cash SV (-4.13%), Cardano’s ADA (-4.10%), and Litecoin (-4.09%) led the way down.

Chainlink (-2.98%), Crypto.com Coin (-1.05%), and Ripple’s XRP (-3.53%) also struggled.

Early in the week, the crypto total market fell to a Monday low $2,015bn before rising to a high $2,108bn. At the time of writing, the total market cap stood at $2,034bn.

Bitcoin’s dominance rose to a Monday high 44.25% before falling to a Monday low 43.30%. At the time of writing, Bitcoin’s dominance stood at 43.38%.

This Morning

At the time of writing, Bitcoin was down by 0.16% to $46,927.6. A mixed start to the day saw Bitcoin fall to an early morning low $46,883.0 before rising to a high $47,150.5.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (+0.63%), Cardano’s ADA (+0.07%), and Chainlink (+0.06%) bucked the early trend.

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

At the time of writing, Crypto.com Coin was down by 1.91% to lead the way down.

BTCUSD 310821 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $47,611 pivot to bring the first major resistance level at $48,319 into play.

Support from the broader market would be needed for Bitcoin to break back through to $48,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Monday’s high $48,924.7 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $50,000 before any pullback. The second major resistance level sits at $49,633.

Failure to move through the $47,611 pivot would bring the first major support level at $46,297 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$45,000 levels. The second major support level at $45,589 should limit the downside.

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