The Crypto Daily – Movers and Shakers – April 10th, 2021

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Published: Apr 10, 2021, 01:00 GMT+00:00

It's a mixed start to the day for the majors. A Bitcoin move through to $58,500 would deliver support to the broader market.

Bitcoin, BTC to USD, rose by 0.04% on Friday. Following on from a 3.84% gain on Thursday, Bitcoin ended the day at $58,134.0.

A mixed start to the day saw Bitcoin fall to a late morning intraday low $57,713.0 before making a move.

Steering clear of the first major support level at $56,498, Bitcoin rallied to a late morning intraday high $58,777.0.

Falling short of the first major resistance level at $58,939, Bitcoin eased back to sub-$58,000 levels.

Finding late support, however, Bitcoin broke back through to $58,000 levels to end the day flat.

The near-term bullish trend remained intact in spite of the latest pullback. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Friday.

Binance Coin and Bitcoin Cash SV rallied by 8.29% and by 8.85% to lead the way. Crypto.com Coin (+5.11%) also found support to buck the broader trend on the day.

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

Chainlink (-3.65%) and Ripple’s XRP (-3.66%) led the way down.

Cardano’s ADA (-1.45%), Ethereum (-0.73%), and Litecoin (-2.25%), and Polkadot (-1.41%) also struggled, however.

In the current week, the crypto total market rose to a Tuesday high $1,992bn before falling to a Wednesday low $1,782bn. At the time of writing, the total market cap stood at $1,916bn.

Bitcoin’s dominance rose to a Monday high 58.43% before falling to a Wednesday low 55.75%. At the time of writing, Bitcoin’s dominance stood at 56.46%.

This Morning

At the time of writing, Bitcoin was down by 0.30% to $57,958.1. A mixed start to the day saw Bitcoin rise to an early morning high $58,311.0 before falling to a low $57,924.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (+0.33%), Crypto.com Coin (+0.67%), and Ripple’s XRP (+0.05%) found early support.

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

At the time of writing, Litecoin was down by 0.62% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $58,245 to bring the first major resistance level at $58,777 into play.

Support from the broader market would be needed for Bitcoin to break out from $58,500 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $59,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $60,000 before any pullback. The second major resistance level sits at $59,420.

Failure to move back through the $58,245 pivot would bring the first major support level at $57,602 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$57,000 levels. The second major support level at $57,070 should limit the downside.

About the Author

Bob Masonauthor

With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.