The Crypto Daily – The Movers and Shakers – May 25th, 2021

It’s a bullish start to the day for the majors. A Bitcoin move back through to $40,000 would support another breakout.
Different cryptocurrencies in a circle with a golden bitcoin in

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Bitcoin, BTC to USD, rallied by 11.79% on Monday. Reversing a 7.53% decline from Sunday, Bitcoin ended the day at $38,845.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $34,500.0 before making a move.

Steering clear of the first major support level at $31,196, Bitcoin rallied to a late intraday high $39,966.0.

Bitcoin broke through the first major resistance level at $38,341 to test resistance at $40,000 before easing back.

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 Monday.

Binance Coin surged by 32.54% to lead the way, with Chainlink (+31.24%) close behind.

Crypto.com Coin (+21.36%), Ethereum (+26.25%), Litecoin (+29.89%), and Ripple’s XRP (+25.42%) also made solid gains.

Bitcoin Cash SV (+18.00%), Cardano’s ADA (+18.05%), and Polkadot (+16.15%) trailed the front runners, however.

Early in the week, the crypto total market rose from a Monday low $1,368bn to a Tuesday high $1,706bn. At the time of writing, the total market cap stood at $1,675bn.

Bitcoin’s dominance rose to a Monday high 47.08% before falling to a Tuesday low 43.75%. At the time of writing, Bitcoin’s dominance stood at 43.87%.

This Morning

At the time of writing, Bitcoin was up by 1.03% to $39,244.0. A mixed start to the day saw Bitcoin fall to an early morning low $38,558.0 before rising to a high $39,250.0.

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

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

At the time of writing, Crypto.com Coin was up by 7.59% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $37,770 to bring the first major resistance level at $41,041 into play.

Support from the broader market would be needed for Bitcoin to break out from $40,000 levels.

Barring a broad-based crypto rally, the first major resistance level and 38.2% FIB of $41,592 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance the second major resistance level at $43,236.

Failure to avoid a fall through the pivot at $37,770 would bring the first major support level at $35,575 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$35,000 levels. The second major support level sits at $32,304.

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