The Crypto Daily – Movers and Shakers – May 27th, 2021

It’s a mixed start to the day for Bitcoin and the broader market. A Bitcoin move through to $41,000 levels would signal a broad-based crypto rally.
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Bitcoin, BTC to USD, rose by 2.42% on Wednesday. Reversing a 1.17% loss from Tuesday, Bitcoin ended the day at $39,301.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $37,851.6 before making a move.

Steering clear of the first major support level at $36,625, Bitcoin rose to a late morning intraday high $40,884.0.

Bitcoin broke through the first major resistance level at $40,000.

Coming up against resistance at $41,000, Bitcoin fell back into the red before a late move back through to $39,300 levels.

The near-term bullish trend remained intact in spite of the latest slide back to sub-$30,000 levels. For the bears, Bitcoin would need a sustained fall 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 bullish day on Wednesday.

Cardano’s ADA and Chainlink led the way, with gains of 14.58% and 23.43% respectively.

Binance Coin (+10.41%) and Bitcoin Cash SV  (+11.69%), Litecoin (+8.28%) and Polkadot (+8.14%) also found strong support.

Crypto.com Coin (+4.31%), Ethereum (+6.72%), and Ripple’s XRP (+5.83%) trailed the front runners, however.

In the current week, the crypto total market fell to a Monday low $1,368bn before rising to a Wednesday high $1,786bn. At the time of writing, the total market cap stood at $1,699bn.

Bitcoin’s dominance rose to a Monday high 47.08% before falling to a Thursday low 42.56%. At the time of writing, Bitcoin’s dominance stood at 42.86%.

This Morning

At the time of writing, Bitcoin was down by 1.00% to $38,907.0. A mixed start to the day saw Bitcoin rise to an early morning high $39,322.4 before falling to a low $38,855.0.

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

Elsewhere, it was also a mixed start to the day.

Crypto.com Coin was up by 0.78% to buck the trend early on.

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

At the time of writing, Binance Coin was down by 2.77% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $39,346 to bring the first major resistance level at $40,840 into play.

Support from the broader market would be needed for Bitcoin to break out from to $40,500 levels.

Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high $40,884 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $43,000 levels. The second major resistance level sits at $42,378. Bitcoin would need plenty of support, however, to breakout from the 38.2% FIB of $41,592.

Failure to move through the pivot at $39,347 would bring the first major support level at $37,807 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$36,000 levels. The second major support level at $36,313 should limit the downside.

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