E-coins on tablet computer with charts on screen

The Crypto Daily – Movers and Shakers – May 24th, 2021

Bitcoin, BTC to USD, slid by 7.53% on Sunday. Reversing a 0.47% gain from Saturday, Bitcoin ended the week down by 25.43% to $34,747.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $38,384.0 before hitting reverse.

Falling short of the first major resistance level at $39,218, Bitcoin slid to a late afternoon intraday low $31,230.0.

Bitcoin fell through the first major support level at $35,634 and the second major support level at $33,711.

Steering clear of the third major support level at $30,127, Bitcoin broke back through the second major support level to end the day at $34,700 levels.

The near-term bullish trend remained intact in spite of the latest slide back to sub-$30,000 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 bearish day on Sunday.

Crypto.com Coin tumbled by 20.08% to lead the way down, with Bitcoin Cash SV (-15.28%) and Litecoin (-15.78%) also seeing heavy losses.

Binance Coin (-12.96%), Cardano’s ADA (-10.19%), Chainlink (-13.63%), Ethereum (-8.58%), Polkadot (-12.31%), and Ripple’s XRP (-12.48%) weren’t far off, however.

It was also a bearish week for the majors.

Binance Coin (-53.72%), Bitcoin Cash SV (-56.77%), Chainlink (-50.68%), and Litecoin (-51.80%) led the way down.

Cardano’s ADA (-42.85%), Ethereum (-41.44%), Polkadot (-43.51%), and Ripple’s XRP (-45.30%) also saw heavy losses.

Crypto.com Coin fell by a more modest 39.60% in the week.

In the week, the crypto total market rose to a Monday high $2,162bn before sliding to a Sunday low $1,196bn. At the time of writing, the total market cap stood at $1,407bn.

Bitcoin’s dominance fell to a Wednesday low 39.66% before rising to a Sunday high 48.67%. At the time of writing, Bitcoin’s dominance stood at 46.78%.

This Morning

At the time of writing, Bitcoin was up by 1.47% to $35,259.0. A bullish start to the day saw Bitcoin rise from an early morning low $34,733.0 to a high $35,337.0.

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

Elsewhere, it was also a bullish start to the day.

At the time of writing, Cardano’s ADA was up by 1.77% to lead the way.

BTCUSD 240521 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $34,790 to bring the first major resistance level at $38,341 into play.

Support from the broader market would be needed for Bitcoin to break out from $37,000 levels.

Barring a broad-based crypto rally, the first major resistance level at $38,341 and Sunday’s high $38,384.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the 38.2% FIB of $41,592 before any pullback. The second major resistance level sits at $41,935.

Failure to avoid a fall back through the pivot at $34,790 would bring the first major support level at $31,196 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $27,645.