The Crypto Daily – Movers and Shakers – September 16th, 2021

By:

Bob Mason

Updated: Sep 16, 2021, 01:07 UTC

Following a mixed Wednesday, a Bitcoin return to $49,000 levels would support the broader crypto market.

The Rest of the Pack

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

Polkadot slid by 4.49%, with Chainlink (-0.28%) also bucking the trend on the day.

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

Ethereum rallied by 5.22% to lead the way, with Binance Coin (+4.06%) and Cardano’s ADA (+4.51%) also finding strong support.

Bitcoin Cash SV (+1.78%), Crypto.com Coin (+3.48%), Litecoin (+3.34%), and Ripple’s XRP (+2.24%) trailed the front runners, however.

In the current the week, the crypto total market fell to a Monday low $1,958bn before rising to a Wednesday high $2,236bn. At the time of writing, the total market cap stood at $2,204bn.

Bitcoin’s dominance fell to a Monday low 40.36% before rising to a Wednesday high 41.91%. At the time of writing, Bitcoin’s dominance stood at 41.13%.

This Morning

At the time of writing, Bitcoin was up by 0.10% to $48,186.0. A mixed start to the day saw Bitcoin rise to an early morning high $48,188.9 before falling to a low $48,041.0.

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

Elsewhere, it was a mixed start to the day.

Cardano’s ADA (-0.46%), Ethereum (-0.17%), and Litecoin (-0.10%) saw red early on.

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

At the time of writing, Polkadot was up by 1.08% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $47,768 pivot to bring the first major resistance level at $48,813 into play.

Support from the broader market would be needed for Bitcoin to break out from $48,500 levels.

Barring a broad-based crypto rally, the first major resistance level and resistance at $49,000 would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $49,488.

A fall through the $47,768 pivot would bring the first major support level at $47,093 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$47,000 levels. The second major support level sits at $46,048.

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.