The Crypto Daily Movers and Shakers September 16, 2021

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Bitcoin, BTC to USD, rose 2.13% on Wednesday. After rallying 4.88% on Tuesday, Bitcoin ended the day at $ 48,137.0.

A mixed start to the day saw Bitcoin fall to an intraday low of $ 46,724.0 by mid-morning before taking a step.

Away from the first major support level at $ 45,488, Bitcoin hit an intraday high of $ 48,444.0.

Bitcoin broke through the first major resistance level at $ 48,027 to end the day at $ 48,100.

The short-term uptrend has remained intact, despite the latest return to levels of $ 43,000. 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, it was a mixed day on Wednesday.

Polkadot slipped 4.49%, with Chainlink (-0.28%) also reversing the trend for the day.

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

Ethereum rose 5.22% to lead the way, with Binance Coin (+ 4.06%) and Cardanos ADA (+ 4.51%) also finding strong support.

However, Bitcoin Cash SV (+ 1.78%), Crypto.com Coin (+ 3.48%), Litecoin (+ 3.34%) and Ripples XRP (+ 2.24%) trailed in the lead.

In the current week, the total crypto market fell to a Monday low of $ 1,958 billion before hitting a Wednesday high of $ 2,236 billion. At the time of writing, the total market cap is $ 2.24 billion.

Bitcoin dominance fell to a Monday low of 40.36% before climbing back to a Wednesday high of 41.91%. At the time of writing this article, Bitcoin dominance stands at 41.13%.

This morning

As of this writing, Bitcoin was up 0.10% at $ 48,186.0. A mixed start to the day saw Bitcoin hit an early morning high of $ 48,188.9 before falling to a low of $ 48,041.0.

Bitcoin left major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Cardanos ADA (-0.46%), Ethereum (-0.17%) and Litecoin (-0.10%) saw red from the start.

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

As of this writing, Polkadot was up 1.08% to lead the way.

The story continues

For Bitcoin Day Ahead

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

Broad market support would be needed for Bitcoin to break out of the $ 48,500 levels.

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

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

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

Unless there is an extended sell-off on that day, Bitcoin is expected to avoid levels below $ 47,000. The second major support level stands at $ 46,048.

This article originally appeared on FX Empire

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