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The Crypto Daily – Movers and Shakers – May 7th, 2021
A mixed start to the day saw Bitcoin rise to a late morning intraday high $58,343.0 before hitting reverse.
Falling short of the first major resistance level at $59,270.0, Bitcoin fell to a late intraday low $55,282.0.
Steering clear of the first major support level at $54,332, Bitcoin revisited $56,700 levels before easing back.
The near-term bullish trend remained intact in spite of the latest slide back to sub-$53,000 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 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%.