The Crypto Daily – Movers and Shakers – May 22nd, 2021

A mixed start to the day saw Bitcoin rise to an early morning intraday high $42,298.1 before hitting reverse.

While falling short of the first major resistance level at $43,579, Bitcoin broke through the 38.2% FIB of $41,592.

The reversal, however, saw Bitcoin slide to a late intraday low $33,552.0.

Bitcoin fell back through the 38.2% FIB and also fell through the first major support level at $36,264.

Steering clear of sub-$30,000 levels, Bitcoin broke back through the first major support level to end the day at $37,300 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 bearish day on Friday.

Bitcoin Cash SV tumbled by 20.71% to lead the way down, with Binance Coin (-16.70%) and Chainlink (-16.56%) not far behind.

Cardano’s ADA (-13.97%), Ethereum (-12.26%), Litecoin (-14.64%), and Ripple’s XRP (-14.59%) also saw heavy losses. Coin (-5.51%) and Polkadot (-8.34%) saw relatively modest losses on the day, however.

In the current week, the crypto total market rose to a Monday high $2,162bn before sliding to a Wednesday low $1,207bn. At the time of writing, the total market cap stood at $1,560bn.

Bitcoin’s dominance fell to a Wednesday low 39.66% before surging to a Wednesday high 45.97%. At the time of writing, Bitcoin’s dominance stood at 44.66%.