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

Bitcoin, BTC to USD, rose by 1.48% on Friday. Following a 0.92% gain on Thursday, Bitcoin ended the day at $50,001.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $48,332.0 before making a move.

Bitcoin fell through the first major support level at $48,482 before rallying to an early afternoon intraday high $51,142.0.

Bitcoin broke through the first major resistance level at $50,216 and the 23.6% FIB of $50,473.

Coming within range of the second major resistance level at $51,157, however, Bitcoin fell back to end the day at sub-$50,100.

The pullback saw Bitcoin fall back through the 23.6% FIB and the first major resistance level.

The near-term bullish trend remained intact, supported by the latest return to $51,000 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 Friday

Litecoin led the way, surging by 16.25%.

Bitcoin Cash SV (+6.26%), Coin (+4.78%), Ethereum (+4.01%), and Polkadot (+4.04%) also found relatively strong support.

Binance Coin (+1.03%), Cardano’s ADA (+0.20%), Chainlink (+2.72%), and Ripple’s XRP (+2.91%) 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 Friday high $2,333bn. At the time of writing, the total market cap stood at $2,266bn.

Bitcoin’s dominance rose to a Monday high 44.14% before falling to a Friday low 41.13%. At the time of writing, Bitcoin’s dominance stood at 41.45%.

This Morning

At the time of writing, Bitcoin was down by 0.16% to $49,921.0.  A mixed start to the day saw Bitcoin rise to an early morning high $50,012.0 before falling to a low $49,877.0.

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

Elsewhere, it was a mixed start to the day.

Ripple’s XRP bucked the early trend, rising by 0.16%.

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

At the time of writing, Coin was down by 1.73% to lead the way down.

BTCUSD 040921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $49,825 pivot to bring the first major resistance level at $51,318 into play.

Support from the broader market would be needed for Bitcoin to break out from 23.6% FIB of $50,473 once more.

Barring a broad-based crypto rally, the first major resistance level and Friday’s high $51,142 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $53,000 before any pullback. The second major resistance level sits at $52,635.

A fall through the $49,825 pivot would bring the first major support level at $48,508 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$48,000 levels. The second major support level sits at $47,015.