The Crypto Daily – Movers and Shakers – August 14th, 2021

Bitcoin, BTC to USD, rallied by 7.70% on Friday. Reversing a 2.43% loss from Thursday, Bitcoin ended the day at $47,835.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $44,967.0 before making a move.

Steering clear of the first major support level at $43,411, Bitcoin rallied to a late intraday high $47,967.0.

Bitcoin broke through the first major resistance level at $45,811 and the second major resistance level at $47,199.

Coming up against resistance at $48,000, however, Bitcoin eased back to end the day at $47,800 levels.

The near-term bullish trend remained intact, supported by the latest return to $47,000 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 bullish day on Friday.

Cardano’s ADA led the way, jumping by 16.80%.

Chainlink (+11.38%), Ethereum (+9.10%), Litecoin (+10.81%), and Ripple’s XRP (+12.80%) also found strong support.

Binance Coin (+6.53%), Bitcoin Cash SV (+8.04%), and Crypto.com Coin (+5.92%),  weren’t far behind, while Polkadot (+1.61%) trailed.

In the current week, the crypto total market fell to a Monday low $1,696bn before rising to a Friday high $1,998bn. At the time of writing, the total market cap stood at $1,973bn.

Bitcoin’s dominance rose to a Monday high 47.44% before falling to a Thursday low 45.03%. At the time of writing, Bitcoin’s dominance stood at 45.43%.

This Morning

At the time of writing, Bitcoin was down by 0.26% to $47,710.0. A mixed start to the day saw Bitcoin rise to an early morning high $47,855.0 before falling to a low $47,532.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin was up by 3.25% to buck the trend early on.

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

At the time of writing, Chainlink was down by 1.23% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $46,689 pivot to bring the first major resistance level at $49,113 into play.

Support from the broader market would be needed for Bitcoin to break back through to $49,000 levels.

Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $50,390.

A fall through the $46,689 pivot would bring the first major support level at $45,412 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$45,000 levels. The second major support level sits at $42,988.