The Crypto Daily Movers and Shakers August 11, 2021

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Bitcoin, BTC against USD, fell 1.44% on Tuesday. Partially reversing a 5.71% rally from Monday, Bitcoin ended the day at $ 45,612.0.

A mixed start to the day saw Bitcoin hit an early morning intraday high of $ 46,695.0 before reversing.

Below the first major resistance level at $ 47,550, Bitcoin slipped to an intraday low of $ 44,635.0 late in the afternoon.

Away from the first major support level at $ 43,902, however, Bitcoin revisited the $ 45,800 levels before slacking off.

The short-term uptrend remained intact, supported by the latest return to levels of $ 46,000. For bears, Bitcoin would need a sustained decline through 62% FIB from $ 27,237 to form a short-term downtrend.

The rest of the pack

In the rest of the majors, the day was mixed on Tuesday.

Bitcoin Cash SV (-0.54%), Ethereum (-0.64%), and Litecoin (-0.52%) joined Bitcoin in the red.

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

Cardanos ADA rose 13.74% to lead the way, with Binance Coin (+ 4.96%) and Ripples XRP (+ 4.31%) also making strong gains.

Chainlink (+1.43%), Crypto.com Coin (+ 0.45%) and Polkadot (+1.71%), however, followed the first.

Earlier this week, the total crypto market fell to a Monday low of $ 1,696 billion before hitting a Tuesday high of $ 1,897 billion. At the time of writing, the total market capitalization was $ 1.848 billion.

Bitcoin dominance peaked at 47.44% on Monday before falling to a low of 46.27% on Tuesday. At the time of writing this article, Bitcoin dominance stands at 46.43%.

This morning

As of this writing, Bitcoin was up 0.14% to $ 45,676.0. A mixed start to the day saw Bitcoin drop to an early morning low of $ 45,486.0 before hitting a high of $ 45,687.0.

Bitcoin left major support and resistance levels untested early on.

Elsewhere, it was a bullish start to the day.

At the time of writing, Crypto.com Coin was up 1.79% to lead the way.

For Bitcoin Day Ahead

Bitcoin should avoid falling back into the $ 45,647 pivot to bring into play the first major resistance level at $ 46,660.

The story continues

Broad market support would be needed for Bitcoin to return to levels of $ 46,000.

Barring a full-scale crypto rally, the first major resistance level and Tuesday’s high of $ 46,695.0 would likely cap any rise.

In the event of a prolonged crypto rally, Bitcoin could test resistance at $ 48,000 before any pullbacks. The second major resistance level is located at $ 47,707.

Failure to break through the pivot of $ 45,647 would bring into play the first major support level at $ 44,600.

Unless there is an extended sale on that day, Bitcoin is expected to avoid levels below $ 43,000. The second major support level at $ 43,587 should limit the decline.

This article originally appeared on FX Empire

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