The Crypto Daily – Movers and Shakers – May 7, 2021
A mixed start to the day saw Bitcoin hit an intraday high of $ 58,343.0 in the late morning before reversing.
Below the first major resistance level at $ 59,270.0, Bitcoin fell to a late intraday low of $ 55,282.0.
Avoiding the first major support level at $ 54,332, Bitcoin revisited the $ 56,700 levels before pulling back.
The short-term uptrend has remained intact despite the latest drop to levels below $ 53,000. For the bears, Bitcoin should break through the 62% FIB of $ 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 Thursday.
Cardano’s ADA followed Wednesday’s 16.62% rally with a gain of 11.39%.
Crypto.com Coin and Polkadot also found support, up 4.72% and 4.67% respectively.
It was, however, a bearish day for the rest of the majors.
Chainlink fell 4.87% to lead the way.
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 total crypto market fell to a low of $ 2,064 billion on Tuesday before climbing to a high of $ 2,447 billion on Thursday. At the time of writing, the total market cap stands at $ 2.341 billion.
Bitcoin’s dominance hit a Monday high of 49.39% before falling to a Thursday low of 44.66%. At the time of writing this article, Bitcoin’s dominance stands at 45.49%.