The Crypto Daily – Movers and Shakers – August 20, 2021

Bitcoin, BTC to USD, rose 4.57% on Thursday. After gaining 0.06% on Wednesday, Bitcoin ended the day at $46,765.0.

A choppy start to the day saw Bitcoin fall to an early morning intraday low $43,992.0 before making a move.

Bitcoin found support at the first major support level at $43,988 and rallied to a late intraday high $47,061.0.

Bitcoin broke the first major resistance level at $45,732 and the second major resistance level at $46,743.

However, a late pullback saw Bitcoin briefly fall back through the second major resistance level before ending the day at levels below $46,760.

The short-term uptrend remained intact, supported by the recent return to the $48,000 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 bullish day for the rest of the majors on Thursday.

Cardano's ADA rose 15.99% to lead the way with Binance Coin and Ripple's XRP rose 8.78% and 7.71%, respectively.

Chainlink (+6.86%), Ethereum (+5.71%), Litecoin (+5.48%) and Polkadot (+6.34%) also found strong support.

However, Bitcoin Cash SV (+1.94%) and Crypto.com Coin (+0.51%) followed the leaders.

In the current week, the overall crypto market rose to a Monday high of $2,061 billion before falling to a Wednesday low of $1,832 billion. At the time of writing, the total market capitalization stood at $2,010 billion.

Bitcoin dominance fell to a Tuesday low of 43.67% before rising to a Wednesday high of 45.35%. At the time of writing, Bitcoin dominance stood at 44.17%.

This morning

At the time of writing, Bitcoin was up 1.06% at $47,263.0. A mixed start to the day saw Bitcoin fall to an early morning low $46,647.0 before rising to an early morning high $47,407.4.

Bitcoin left key support and resistance levels untested early on.

Elsewhere it was a mixed start to the day.

Cardano’s ADA (-0.74%), Polkadot (-0.42%) and Ripple’s XRP (-0.45%) bucked the early trend.

However, it was a bullish start for the rest of the majors.

At the time of writing, Crypto.com Coin was up 3.00% to take the lead.

For the upcoming Bitcoin day

Bitcoin would need to avoid the $45,939 pivot to bring the first major resistance level at $47,887 into play.

For Bitcoin to break out of the $47,500 level, support from the broader market would be needed.

Barring a broad-based crypto rally, the first major resistance level and resistance at $48,000 would likely limit any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the $50,000 level before a pullback occurs. The second major resistance level is at $49,008.

A fall through the $45,939 pivot would bring the first major support level at $44,818 into play.

Barring an extended sell-off on the day, Bitcoin should stay away from below $44,000. The second major support level is at $42,870.