The Crypto Daily – Movers and Shakers – March 20th, 2021
Bitcoin, BTC to USD, rose by 0.71% on Friday. Partially reversing a 2.08% fall from Thursday, Bitcoin ended the day at $58,049.6.
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A bearish start to the day saw Bitcoin slide to an early morning intraday low $56,277.0.
Bitcoin fell through the first major support level at $56,367 before striking a late intraday high $59,480.0.
Falling short of the first major resistance level at $59,551, Bitcoin fell back to end the day at sub-$58,100 levels.
The near-term bullish trend remained intact supported by last Sunday’s new swing hi $61,699.0. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 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.
Ripple’s XRP slipped by 0.37% to buck the trend on the day.
It was a bullish day for the rest of the majors.
Bitcoin Cash SV (+5.25%), Cardano’s ADA (+5.36%), Crypto.com Coin (+5.50%), and Polkadot (+7.28%) led the way.
Binance Coin (+0.70%), Chainlink (+1.22%), Ethereum (+1.86%), and Litecoin (+0.09%) trailed the front runners.
In the current week, the crypto total market fell to a Tuesday low $1,593bn before rising to a Thursday high $1,832bn. At the time of writing, the total market cap stood at $1,757bn.
Bitcoin’s dominance rose to a Monday high 63.03% before falling to a Tuesday low 60.84%. At the time of writing, Bitcoin’s dominance stood at 61.49%.
This Morning
At the time of writing, Bitcoin was down by 0.35% to $57,846.2 A bearish start to the day saw Bitcoin fall from an early morning high $58,049.0 to a low $57,800.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin (+1.28%) and Polkadot (+0.07%) bucked the trend early on.
It was a bearish start for the rest of the majors, however.
At the time of writing, Binance Coin was down by 0.55% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the pivot level at $57,936 to bring the first major resistance level at $59,594 into play.
Support from the broader market would be needed for Bitcoin to break out from Friday’s high $59,480.0.
Barring an extended crypto rally, the first major resistance level and resistance at $60,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at last Sunday’s new swing hi $61,699.0. The second major resistance level sits at $61,139.
Failure to move back through the $57,936 pivot would bring the first major support level at $56,391 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$55,000 levels. The second major support level sits at $54,733.