The Crypto Daily – Movers and Shakers – August 27th, 2021

Bitcoin, BTC to USD, slid by 4.39% on Thursday. Reversing a 2.76% gain from Wednesday, Bitcoin ended the day at $46,840.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $49,385.0 before hitting reverse.

Falling short of the first major resistance level at $49,784, Bitcoin tumbled to a mid-day intraday low $46,310.0.

Bitcoin fell through the first major support level at $47,672 and the second major support level at $46,352.

Finding late support, Bitcoin broke back through the second major support level to revisit $47,000 levels before easing back.

The near-term bullish trend remained intact, supported by the latest return to $50,000 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 bearish day on Thursday.

Cardano’s ADA (-7.71%), Chainlink (-8.30%) and Ripple’s XRP (-8.62%) led the way down.

Binance Coin (-5.04%), Bitcoin Cash SV (-4.05%), Ethereum (-4.19%), and Litecoin (-5.70%) also struggled.

Crypto.com Coin (-3.05%), and Polkadot (-3.77%) saw relatively modest losses, however.

In the current week, the crypto total market rose to a Monday high $2,169bn before falling to a Thursday low $1,933bn. At the time of writing, the total market cap stood at $1,982bn.

Bitcoin’s dominance fell to a Tuesday low 43.64% before rising to a Thursday high 44.98%. At the time of writing, Bitcoin’s dominance stood at 44.64%.

This Morning

At the time of writing, Bitcoin was up by 0.65% to $47,144.0. A mixed start to the day saw Bitcoin fall to an early morning low $46,363.0 before rising to a high $47,646.0.

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

Elsewhere, it was a mixed start to the day.

Chainlink and Crypto.com Coin bucked the early trend, falling by 0.20% and by 0.25% respectively.

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

At the time of writing, Polkadot was up by 1.78% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $47,512 pivot to bring the first major resistance level at $48,713 into play.

Support from the broader market would be needed for Bitcoin to break out from $48,500 levels.

Barring a broad-based crypto rally, the first major resistance level and resistance at $49,000 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 $50,587.

Failure to move through the $47,512 pivot would bring the first major support level at $45,638 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$45,000 levels. The second major support level sits at $44,437.