The Crypto Daily – Movers and Shakers – May 9th, 2021

Bitcoin, BTC to USD, rose by 2.71% on Saturday. Following on from a 1.59% gain on Friday, Bitcoin ended the day at $58,897.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $56,939.0 before making a move.

Steering clear of the first major support level at $55,554, Bitcoin rallied to a late intraday high $59,450.0.

Bitcoin broke through the first major resistance level at $58,889 before easing back to sub-$59,000 levels.

The near-term bullish trend remained intact supported by the latest visit to $59,000 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 Saturday.

Ethereum rallied by 12.41% to lead the way, with Binance Coin (+3.59%) and Litecoin (+0.71%), also joining Bitcoin in the green.

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

Bitcoin Cash SV fell by 3.23% to lead the way down,

Cardano’s ADA (-1.87%) Chainlink (-0.95%), Crypto.com Coin (-2.93%), Polkadot (-2.50%), and Ripple’s XRP (-1.01%) also saw red.

In the current week, the crypto total market fell to a Tuesday low $2,064bn before rising to a Saturday high $2,482bn. 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 down by 0.22% to $58,766.0. A mixed start to the day saw Bitcoin rise to an early morning high $59,000.0 before falling to a low $58,720.0.

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

Elsewhere, it was a bearish start to the day.

At the time of writing, Crypto.com Coin was down by 2.37% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $58,429 to support a run at the first major resistance level at $59,918.

Support from the broader market would be needed for Bitcoin to break out from Saturday’s high $59,450.0.

Barring an extended crypto rally, the first major resistance level and resistance at $60,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the swing hi $64,829 before any pullback. The second major resistance level sits at $60,940, with the third major resistance level sitting at $63,451.

Failure to avoid a fall through the pivot at $58,429 would bring the first major support level at $57,407 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $55,918.