The Crypto Daily – Movers and Shakers – May 12th, 2021

Bitcoin, BTC to USD, rose by 1.59% on Tuesday. Partially reversing a 4.22% slide from Monday, Bitcoin ended the day at $56,721.5.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $54,138.7 before making a move.

Steering clear of the first major support level at $53,253, Bitcoin rose to a late intraday high $56,870.0.

Falling well short of the first major resistance level at $58,998, Bitcoin eased back to end the day at $56,700 levels.

The near-term bullish trend remained intact in spite of the latest slide back to $53,000 levels. For the bears, Bitcoin would need to slide 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 mixed day on Tuesday.

Crypto.com Coin fell by 2.07% to buck the trend on the day.

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

Bitcoin Cash SV rallied by 14.93% to lead the way.

Binance Coin (+6.46%), Cardano’s ADA (+7.38%), Chainlink (+5.32%), Ethereum (+5.83%), Litecoin (+5.23%), Polkadot (+4.35%), and Ripple’s XRP (+6.31%) also made solid gains.

Early in the week, the crypto total market rose to a Monday high $2,533bn before sliding to a Monday low $2,137bn. At the time of writing, the total market cap stood at $2,409bn.

Bitcoin’s dominance rose to a Monday high 46.90% before falling to a Tuesday low 43.93%. At the time of writing, Bitcoin’s dominance stood at 44.33%.

This Morning

At the time of writing, Bitcoin was up by 0.60% to $57,059.0. A mixed start to the day saw Bitcoin fall to an early morning low $56,593.0 before rising to a high $57,234.0.

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

Elsewhere, it was a mixed start to the day.

Ethereum (-0.20%) and Polkadot (-0.48%) saw red to buck the trend early on.

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

At the time of writing, Crypto.com Coin was up by 1.93% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $55,910 to support a run at the first major resistance level at $57,681.

Support from the broader market would be needed for Bitcoin to break back through to $57,500 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $58,000 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 $58,641.

Failure to avoid a fall through the pivot at $55,910 would bring the first major support level at $54,950 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$54,000 levels. The second major support level at sits $53,179.