The Crypto Daily – Movers and Shakers – May 7th, 2021

Bitcoin, BTC to USD, fell by 1.80% on Thursday. Partially reversing a 7.95% gain from Wednesday, Bitcoin ended the day at $56,450.0.

A mixed start to the day saw Bitcoin rise to a late morning intraday high $58,343.0 before hitting reverse.

Falling short of the first major resistance level at $59,270.0, Bitcoin fell to a late intraday low $55,282.0.

Steering clear of the first major support level at $54,332, Bitcoin revisited $56,700 levels before easing back.

The near-term bullish trend remained intact in spite of the latest slide back to sub-$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 Thursday.

Cardano’s ADA followed Wednesday’s 16.62% rally with a 11.39% gain.

Crypto.com Coin and Polkadot also found support, rising by 4.72% and by 4.67% respectively.

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

Chainlink fell by 4.87% to lead the way down.

Binance Coin (-2.70%), Bitcoin Cash SV (-0.28%), Ethereum (-1.05%), Litecoin (-0.58%), and Ripple’s XRP (-0.68%) also joined Bitcoin in the red.

In the current week, the crypto total market fell to a Tuesday low $2,064bn before rising to a Thursday high $2,447bn. At the time of writing, the total market cap stood at $2,341bn.

Bitcoin’s dominance rose to a Monday high 49.39% before falling to a Thursday low 44.66%. At the time of writing, Bitcoin’s dominance stood at 45.49%.

This Morning

At the time of writing, Bitcoin was up by 0.83% to $56,920.0. A mixed start to the day saw Bitcoin fall to an early morning low $56,102.0 before rising to a high $56,920.0.

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

Elsewhere, it was a mixed start to the day.

Polkadot bucked the trend early on, falling by 0.92%.

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

At the time of writing, Cardano’s ADA was up by 1.90% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $56,692 to support a run at the first major resistance level at $58,101.

Support from the broader market would be needed for Bitcoin to break back through to $58,000 levels.

Barring an extended crypto rally, the first major resistance level Thursday’s high $58,343.0 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 $59,753.

Failure to avoid a fall back through the pivot at $56,692 would bring the first major support level at $55,040 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$54,000 levels. The second major support level sits at $53,631.