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The Crypto Daily – Movers and Shakers – August 30th, 2021

Bitcoin, BTC to USD, fell by 0.23% on Sunday. Following a 0.34% decline from Saturday, Bitcoin ended the week down by 0.95% to $48,800.0.

A choppy start to the day saw Bitcoin rally to an early morning intraday high $49,650.0 before hitting reverse.

Bitcoin broke through the first major resistance level at $49,354 before sliding to an early morning intraday low $47,760.0.

The sell-off saw Bitcoin fall through the first major support level at $48,430 and the second major support level at $47,946.

Steering clear of sub-$47,500 levels, however, Bitcoin found late support to revisit $49,400 levels before falling back into the red.

The first major resistance level at $49,354 pegged Bitcoin back in the final hour.

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 Sunday.

Binance Coin fell by 1.30% to lead the way down.

Ethereum (-0.66%), Litecoin (-0.74%), Polkadot (-0.72%), and Ripple’s XRP (-0.55%) also saw red on the day.

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

Bitcoin Cash SV rallied by 1.86% to lead the way, with Crypto.com Coin rising by 1.29%.

Cardano’s ADA (+0.11%) and Chainlink (+0.16%) trailed the front runners, however.

It was also a mixed week for the majors in the week ending 29th August.

Chainlink slid by 8.03% to lead the way down. Ethereum (-0.46%), Litecoin (-6.18%), Polkadot (-6.22%), and Ripple’s XRP (-7.01%) also ended the week in the red.

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

Binance Coin rallied by 6.92% to lead the way, with Cardano’s ADA (+5.32%) close behind.

Bitcoin Cash SV (+1.37%) and Crypto.com Coin (+1.97%), and trailed the front runners, however

In the week, the crypto total market rose to a Monday high $2,169bn before falling to a Thursday low $1,933bn. At the time of writing, the total market cap stood at $2,087bn.

Bitcoin’s dominance rose to a Thursday high 44.98% before falling to a Saturday low 43.53%. At the time of writing, Bitcoin’s dominance stood at 44.03%.

This Morning

At the time of writing, Bitcoin was up by 0.24% to $48,915.7. A mixed start to the day saw Bitcoin fall to an early morning low $48,565.0 before rising to a high $48.915.7.

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

Elsewhere, it was a mixed start to the day.

Polkadot bucked the early trend, falling by a modest 0.06%.

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

At the time of writing, Bitcoin Cash SV was up by 1.46% to lead the way.

BTCUSD 300821 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $48,737 pivot to bring the first major resistance level at $49,713 into play.

Support from the broader market would be needed for Bitcoin to break out from Sunday’s high $49,650.0.

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 $50,483 before any pullback. The second major resistance level sits at $50,627.

A fall back through the $48,737 pivot would bring the first major support level at $47,823 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$47,000 levels. The second major support level sits at $46,847.