The Crypto Daily – Movers and Shakers – September 5, 2021

Bitcoin, BTC to USD, fell 0.20% on Saturday. After rising 1.48% on Friday, Bitcoin ended the day at $49,899.0.

After a mixed start to the day, Bitcoin rose to a late morning intraday high of $50,544 before reversing.

While Bitcoin missed the first major resistance level at $51,318, it broke through the 23.6% FIB at $50,473.

However, the reversal saw Bitcoin fall to a late afternoon intraday low of $49,401.0.

Looking to bypass the first major support level at $48,501, Bitcoin revisited the $50,200 level before falling back into the red.

The short-term uptrend remained intact, supported by the recent return to the $51,000 level. For the bears, Bitcoin would need a sustained decline through the 62% FIB of $27,237 to form a short-term downtrend.

The rest of the package

It was a mixed day at the other majors on Saturday

Bitcoin Cash SV (+3.75%), Binance Coin (+1.86%) and Crypto.com Coin (+1.03%) buck the trend of the day.

However, it was a bearish day for the other majors.

Cardano’s ADA slipped 4.53% to lead the way lower.

Chainlink (-2.89%), Polkadot (-3.38%) and Ripple’s XRP (-2.65%) also struggled.

However, Ethereum (-1.33%) and Litecoin (-0.55%) posted relatively modest losses on the day.

In the current week, the overall crypto market fell to a Monday low of $1,996 billion before rising to a Saturday high of $2,334 billion. At the time of writing, the total market capitalization stood at $2,266 billion.

Bitcoin dominance rose to a Monday high of 44.14% before falling to a Saturday low of 40.74%. At the time of writing, Bitcoin dominance stood at 41.36%.

This morning

At the time of writing, Bitcoin is down 0.15% to $49,822.0. After a mixed start to the day, Bitcoin rose to an early morning high $49,956.0 before falling to a low $49,819.0.

Bitcoin left key support and resistance levels untested early on.

Elsewhere it was a mixed start to the day.

Crypto.com Coin rose 0.16%, with Bitcoin Cash SV holding steady to buck the early trend.

However, it was a bearish start for the other majors.

At the time of writing, Ripple’s XRP declined by 0.93% to point the way lower.

For the upcoming Bitcoin day

Bitcoin would need to move back through the $49,948 pivot to bring the first major resistance level at $50,495 into play.

For Bitcoin to break the 23.6% FIB of $50,473, support would be needed from the broader market.

Barring a broad-based crypto rally, the first major resistance level and Saturday's high $50,544.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $52,000 before a pullback occurs. The second major resistance line is at $51,091.

A failure to return through the $49,948 pivot would bring the first major support level at $49,352 into play.

Barring an extended sell-off on the day, Bitcoin should stay away from below $48,000. The second major support level at $48,805 should cap the downside.