The Crypto Daily – Movers and Shakers – May 8th, 2021

Bitcoin, BTC to USD, rose by 1.59% on Friday. Partially reversing a 1.80% loss from Thursday, Bitcoin ended the day at $57,349.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $55,300.0 before making a move.

Steering clear of the first major support level at $55,040, Bitcoin rallied to a late afternoon intraday high $58,635.0.

Bitcoin broke through the first major resistance level at $58,101 before easing back to sub-$57,000 levels.

Finding late support, however, Bitcoin moved back through to $57,000 levels to deliver the upside on the day.

The near-term bullish trend remained intact supported by the recovery to $57,000 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 Friday.

Chainlink rose by 4.24% to lead the way, with Cardano’s ADA (+0.21%) and Crypto.com Coin (+1.33%) also avoiding the red.

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

Bitcoin Cash SV slid by 11.54% to lead the way down, with Polkadot falling by 5.59%.

Binance Coin (-1.52%), Ethereum (-0.22%), Litecoin (-2.61%), and Ripple’s XRP (-1.44%) saw relatively modest losses.

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 $2,332bn.

Bitcoin’s dominance rose to a Monday high 49.39% before falling to a Thursday low 44.65%. At the time of writing, Bitcoin’s dominance stood at 46.10%.

This Morning

At the time of writing, Bitcoin was up by 0.11% to $57,411.0. A mixed start to the day saw Bitcoin fall to an early morning low $57,267.0 before rising to a high $57,583.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.09%), Cardano’s ADA (-0.26%), Crypto.com Coin (-0.94%), and Polkadot (-0.16%) saw early red.

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

At the time of writing, Chainlink was up by 0.92% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $57,095 to support a run at the first major resistance level at $58,889.

Support from the broader market would be needed for Bitcoin to break out from Friday’s high $58,635.0.

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 $60,430.

Failure to avoid a fall through the pivot at $57,095 would bring the first major support level at $55,554 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$54,000 levels. The second major support level sits at $53,760.