The Crypto Daily – Movers and Shakers – March 3rd, 2021
Bitcoin, BTC to USD, fell by 2.11% on Tuesday. Partially reversing a 9.49% rally from Monday, Bitcoin ended the day at $48,536.0.
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A bullish start to the day saw Bitcoin rally to an early morning intraday high $50,148.0 before hitting reverse.
Falling well short of the first major resistance level at $51,182, Bitcoin slid to a late intraday low $47,158.0.
Steering clear of the first major support level at $46,539, however, Bitcoin found late support to end the day at $48,500 levels.
The near-term bullish trend remained intact in spite of last week’s reversal. For the bears, Bitcoin would need to slide through the 62% FIB of $24,751 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Tuesday.
Bitcoin Cash SV and Polkadot rose by 3.70% and by 3.83% respectively to lead the way.
Chainlink (+2.81%), Crypto.com Coin (+2.16%), and Litecoin (+1.80%) also found support to buck the trend on the day.
It was a bearish day for the rest of the majors, however.
Binance Coin (-5.87%), Cardano’s ADA (-5.64%), and Ethereum (-5.31%) led the way down.
Ripple’s XRP (-2.24%) saw relatively modest loss on the day.
Early in the week, the crypto total market fell to a Monday low $1,345.39bn before rising to a Tuesday high $1,533.73bn. At the time of writing, the total market cap stood at $1,436.62bn.
Bitcoin’s dominance fell to a Tuesday low 61.08% before rising to a Tuesday high 62.40%. At the time of writing, Bitcoin’s dominance stood at 61.89%.
This Morning
At the time of writing, Bitcoin was up by 0.18% to $48,625.0. A mixed start to the day saw Bitcoin fall to an early morning low $48,183.4 before rising to a high $48,855.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Litecoin and Ripple’s XRP were down by 0.04% and by 0.46% to buck the trend early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Polkadot was up by 1.95% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall back through the pivot level at $48,614 to bring the first major resistance level at $50,070 into play.
Support from the broader market would be needed for Bitcoin to break back through to $50,000 levels.
Barring an extended crypto rally, the first major resistance level and Tuesday’s high $50,148.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $52,000 before any pullback. The second major resistance level sits at $51,604.
Failure to avoid a fall back through the $48,614 pivot would bring the first major support level at $47,080 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $45,624 and the 23.6% FIB of $45,501.