The Crypto Daily – Movers and Shakers – September 2nd, 2021

Bitcoin, BTC to USD, rose by 3.57% on Wednesday. Following a 0.33% gain on Tuesday, Bitcoin ended the day at $48,823.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $46,590.0 before making a move.

Steering clear of the first major support level at $46,507, Bitcoin rallied to a late afternoon intraday high $49,139.0.

Bitcoin broke through the first major resistance level at $48,026 and the second major resistance level at $48,894 before easing back to sub-$48,100 levels.

A bullish end to the day saw Bitcoin briefly break back through the second major resistance level before easing back.

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 Wednesday

Chainlink and Ethereum rallied by 11.27% and by 11.64% to lead the way.

Binance Coin (+5.55%), Litecoin (+5.40%), and Ripple’s XRP (+4.33%) also found strong support.

Bitcoin Cash SV (+3.32%), Cardano’s ADA (+3.67%), Crypto.com Coin (+0.79%), and Polkadot (+2.13%) trailed the front runners, however.

In the current the week, the crypto total market fell to a Monday low $1,996bn before rising to a Wednesday high $2,230bn. At the time of writing, the total market cap stood at $2,192bn.

Bitcoin’s dominance rose to a Monday high 44.14% before falling to a Wednesday low 41.40%. At the time of writing, Bitcoin’s dominance stood at 41.84%.

This Morning

At the time of writing, Bitcoin was down by 0.08% to $48,782.0. A mixed start to the day saw Bitcoin fall to an early morning low $48,631.0 before rising to a high $49,000.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (+1.03%), Bitcoin Cash SV (+0.12%), and Crypto.com Coin (+4.21%) found early support.

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

At the time of writing, Polkadot was down by 1.52% to lead the way down.

BTCUSD 020921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $48,184 pivot to bring the first major resistance level at $49,778 into play.

Support from the broader market would be needed for Bitcoin to break out from $49,500 levels.

Barring a broad-based crypto rally, the first major resistance level and resistance at $50,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $50,733.

A fall through the $48,184 pivot would bring the first major support level at $47,229 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$46,000 levels. The second major support level sits at $45,635.

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