The Crypto Daily – Movers and Shakers – August 21, 2021

Bitcoin, BTC to USD, rose 5.48% on Friday. After gaining 4.57% on Thursday, Bitcoin ended the day at $49,330.5.

In a mixed morning, Bitcoin fell to an early morning intraday low $46,647.0 before finding support.

Looking to avoid the first major support level at $44,818, Bitcoin rallied to a late intraday high $49,400.

Bitcoin broke the first major resistance level at $47,887 and the second major resistance level at $49,008.

However, a late pullback saw Bitcoin briefly fall back through the second major resistance level before ending the day at levels below $49,300.

The short-term uptrend remained intact, supported by the recent return to $49,000 levels. 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 Friday.

Bitcoin Cash SV (+7.60%) and Crypto.com Coin rose 7.60% and 7.44%, respectively, to take the lead.

Binance Coin (+5.51%) and Chainlink (+6.05%) also found strong support.

However, Cardano's ADA (+0.58%), Ethereum (+3.21%), Litecoin (+4.61%), Polkadot (+0.47%), and Ripple's XRP (+2.39%) lagged behind the leaders.

In the current week, the overall crypto market fell to a Wednesday low of $1,832 billion before rising to a Friday high of $2,110 billion. At the time of writing, the total market capitalization stood at $2,068 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 44.67%.

This morning

At the time of writing, Bitcoin is down 0.35% to $49,157.8. After a mixed start to the day, Bitcoin rose to an early morning high $49,374.0 before falling to a low $49,157.8.

Bitcoin left key support and resistance levels untested early on.

Elsewhere, it was a bearish start to the day.

At the time of writing, Ripple's XRP declined by 0.92% to lead the way lower.

For the upcoming Bitcoin day

Bitcoin would need to avoid the $48,459 pivot to bring the first major resistance level at $50,271 and the 23.6% FIB of $50,473 into play.

For Bitcoin to break out of Friday's high at $49,400.0, support from the broader market would be needed.

Barring a broad-based crypto rally, the first major resistance level and resistance at 23.6% FIB would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the $53,000 level before a pullback occurs. The second major resistance line is at $51,212.

A fall through the $48,459 pivot would bring the first major support level at $47,518 into play.

Barring an extended sell-off on the day, Bitcoin should stay away from below $46,000. The second major support level is at $45,706.