The Crypto Daily – Movers and Shakers – February 17th, 2021It’s a mixed start to the day for the majors. A Bitcoin move back through to $50,000 levels would support a broad-based crypto rally.
Bitcoin, BTC to USD, rose by 2.65% on Tuesday. Reversing a 1.42% loss from Monday, Bitcoin ended the day at $49,203.0.
A mixed start to the day saw Bitcoin slide to an early morning intraday low $47,0460 before making a move.
Steering clear of the first major support level at $46,105, Bitcoin rallied to a mid-day intraday high and a new swing hi $50,490.0.
Bitcoin broke through the first major resistance level at $49,333 to visit $50,000 levels for the first time.
Coming up short of the second major resistance level at $50,760, Bitcoin fell back to sub-$48,000 levels and into the red.
Finding late support, however, Bitcoin moved back through to $49,000 levels to deliver the upside on the day.
The first major resistance level at $49,333 pinned Bitcoin back late on.
The near-term bullish trend remained intact, supported by the Tuesday’s new swing hi $50,490.0. For the bears, Bitcoin would need to slide through the 62% FIB of $21,759 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.
It was a bullish day for the rest of the majors, however.
Polkadot rallied by 5.49% to lead the way.
In the current week, the crypto total market cap fell to a Monday low $1,350.01bn before rising to a Tuesday high $1,537.78bn. At the time of writing, the total market cap stood at $1,476.39bn.
Bitcoin’s dominance jumped to a Monday high 63.36% before falling to a Monday low 60.67%. At the time of writing, Bitcoin’s dominance stood at 62.44%.
At the time of writing, Bitcoin was up by 0.75% to $49,572.5. A bullish start to the day saw Bitcoin rise from an early morning low $49,182.0 to a high $49,584.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (+0.07%), Litecoin (+0.85%), and Ripple’s XRP (+1.76%) joined Bitcoin in the green.
It was a bearish start for the rest of the majors, however.
At the time of writing, Chainlink was down by 1.17% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $48,913 to bring the first major resistance level at $50,780 into play.
Support from the broader market would be needed for Bitcoin to break out from Tuesday’s new swing hi $50,490.0.
Barring an extended crypto rally, the first major resistance level and Tuesday’s new swing hi would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $52,357.
Failure to avoid a fall through the $48,913 pivot would bring the first major support level at $47,336 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$46,000 levels. The second major support level sits at $45,469.