The Crypto Daily – Movers and Shakers – May 8th, 2021

A mixed start to the day saw Bitcoin fall to an early morning intraday low $55,300.0 before making a move.

Steering clear of the first major support level at $55,040, Bitcoin rallied to a late afternoon intraday high $58,635.0.

Bitcoin broke through the first major resistance level at $58,101 before easing back to sub-$57,000 levels.

Finding late support, however, Bitcoin moved back through to $57,000 levels to deliver the upside on the day.

The near-term bullish trend remained intact supported by the recovery to $57,000 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 Friday.

Chainlink rose by 4.24% to lead the way, with Cardano’s ADA (+0.21%) and Coin (+1.33%) also avoiding the red.

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

Bitcoin Cash SV slid by 11.54% to lead the way down, with Polkadot falling by 5.59%.

Binance Coin (-1.52%), Ethereum (-0.22%), Litecoin (-2.61%), and Ripple’s XRP (-1.44%) saw relatively modest losses.

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 $2,332bn.

Bitcoin’s dominance rose to a Monday high 49.39% before falling to a Thursday low 44.65%. At the time of writing, Bitcoin’s dominance stood at 46.10%.