The Crypto Daily – Movers and Shakers – April 20th, 2021

It’s a mixed start to the day for the majors. A Bitcoin move back through to $57,000 levels would support the broader market.
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

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Bitcoin, BTC to USD, fell by 0.96% on Monday. Following on from a 6.29% slide on Sunday, Bitcoin ended the day at $55,630.0.

A bullish start to the day saw Bitcoin rise to a mid-morning intraday high $57,500.0 before hitting reverse.

Falling short of the first major resistance level at $60,801, Bitcoin fell to a mid-afternoon intraday low $54,256.0.

Steering clear of the first major support level at $51,022, Bitcoin revisited $56,500 levels before easing back.

The near-term bullish trend remained intact in spite of the latest slide back to $50,500 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 Monday.

Binance Coin rose by 4.55% to buck the trend on the day.

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

Bitcoin Cash SV slid by 14.40% to lead the way down.

Cardano’s ADA (-6.57%), Chainlink (-8.50%), Polkadot (-6.20%), and Ripple’s XRP (-7.70%) also saw heavy losses.

Crypto.com Coin (-3.95%), Ethereum (-3.47%), and Litecoin (-4.59%) saw relatively modest losses on the day.

Early in the week, the crypto total market rose to a Monday high $2,100bn before sliding to a Monday low $1,886bn. At the time of writing, the total market cap stood at $1,949bn.

Bitcoin’s dominance fell to a Monday low 51.28% before rising to a Monday high 53.75%. At the time of writing, Bitcoin’s dominance stood at 52.96%.

This Morning

At the time of writing, Bitcoin was down by 0.71% to $55,237.0. A mixed start to the day saw Bitcoin rise to an early morning high $55,748.0 before falling to a low $55,229.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV bucked the trend early on, rising by 0.96%.

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

At the time of writing, Ripple’s XRP was down by 2.30% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $55,795 to bring the first major resistance level at $57,335 into play.

Support from the broader market would be needed for Bitcoin to break back through to $57,000 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $57,500.0 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 $59,039.

Failure to move through the $55,795 pivot would bring the first major support level at $54,091 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$53,000 levels. The second major support level sits at $52,551.

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