The Crypto Daily – Movers and Shakers – May 7th, 2021

By:

Updated: May 7, 2021, 00:51 UTC

It's a mixed start to the day for the crypto majors. A Bitcoin move back through to $58,500 levels should support the broader market.

Silver and golden coins with bitcoin, ripple and ethereum symbol

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Thursday.

Cardano’s ADA followed Wednesday’s 16.62% rally with a 11.39% gain.

Crypto.com Coin and Polkadot also found support, rising by 4.72% and by 4.67% respectively.

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

Chainlink fell by 4.87% to lead the way down.

Binance Coin (-2.70%), Bitcoin Cash SV (-0.28%), Ethereum (-1.05%), Litecoin (-0.58%), and Ripple’s XRP (-0.68%) also joined Bitcoin in the red.

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 $2,341bn.

Bitcoin’s dominance rose to a Monday high 49.39% before falling to a Thursday low 44.66%. At the time of writing, Bitcoin’s dominance stood at 45.49%.

This Morning

At the time of writing, Bitcoin was up by 0.83% to $56,920.0. A mixed start to the day saw Bitcoin fall to an early morning low $56,102.0 before rising to a high $56,920.0.

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

Elsewhere, it was a mixed start to the day.

Polkadot bucked the trend early on, falling by 0.92%.

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

At the time of writing, Cardano’s ADA was up by 1.90% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $56,692 to support a run at the first major resistance level at $58,101.

Support from the broader market would be needed for Bitcoin to break back through to $58,000 levels.

Barring an extended crypto rally, the first major resistance level Thursday’s high $58,343.0 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 $59,753.

Failure to avoid a fall back through the pivot at $56,692 would bring the first major support level at $55,040 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$54,000 levels. The second major support level sits at $53,631.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.