The Crypto Daily – Movers and Shakers – February 20th, 2021It’s a bearish start to the day for Bitcoin and the majors. A Bitcoin move through to $57,000 levels would support a broad-based crypto rally.
Bitcoin, BTC to USD, rallied by 8.34% on Friday. Reversing a 1.04% fall from Thursday, Bitcoin ended the day at $55,866.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $50,755.0 before making a move.
Finding support at the first major support level at $50,773, Bitcoin rallied to a late intraday high and a new swing hi $56,342.0.
Bitcoin broke through the first major resistance level at $52,449 and the second major resistance level at $53,332.
In spite of a late pullback, Bitcoin steered clear of the resistance levels to wrap up the day at $55,000 levels.
The near-term bullish trend remained intact, supported by the Wednesday’s new swing hi $52,577.0. For the bears, Bitcoin would need to slide through the 62% FIB of $23,995 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.
Bitcoin Cash SV slid by 3.51% to buck the trend on the day.
It was a bullish day for the rest of the majors, however.
In the current week, the crypto total market cap fell to a Monday low $1,350.01bn before rising to a Friday high $1,753.75bn. At the time of writing, the total market cap stood at $1,667.96bn.
Bitcoin’s dominance rose to a Wednesday high 63.41% before falling to a Friday low 59.92%. At the time of writing, Bitcoin’s dominance stood at 62.12%.
At the time of writing, Bitcoin was down by 0.98% to $55,317.0. A mixed start to the day saw Bitcoin rise to an early morning high $56,257.0 before falling to a low $55,200.0
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Polkadot bucked the trend early on, rising by 1.01%.
It was a bearish start for the rest of the majors, however.
At the time of writing, Binance Coin was down by 6.54% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $54,321 to bring the first major resistance level at $57,887 into play.
Support from the broader market would be needed for Bitcoin to break out from Friday’s swing hi $56,342.0.
Barring an extended crypto rally, the first major resistance level and resistance at $58,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $60,000 before any pullback. The second major resistance level sits at $59,908.
Failure to avoid a fall through the $54,321 pivot would bring the first major support level at $52,300 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$50,000 levels. The second major support level sits at $48,734.