The Crypto Daily – Movers and Shakers – February 22nd, 2021It’s a bearish start to the day for the Bitcoin and the broader market. A Bitcoin move back through to $58,000 levels would support the pack.
Bitcoin, BTC to USD, rose by 2.85% on Sunday. Reversing a 0.16% decline from Saturday, Bitcoin ended the week up by 18.06% to $57,376.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $55,386.0 before making a move.
Steering clear of the first major support level at $54,723, Bitcoin rallied to a late intraday high and a new swing hi $58,321.2.
Bitcoin broke through the first major resistance level at $57,158 to come within range of the second major resistance level at $58,539.
A bearish end to the day saw Bitcoin briefly fall back through the first major resistance level to sub-$57,000 levels.
Finding late support, however, Bitcoin broke back through the first major resistance level to end the day at $57,300 levels.
The near-term bullish trend remained intact, supported by the Sunday’s new swing hi $58,321.2. 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 Sunday.
It was a bullish day for the rest of the majors, however.
For the week, it was also mixed for the majors.
Ripple’s XRP fell by 8.09% to buck the trend in the week.
It was a bullish week for the rest of the pack, however.
Binance Coin surged by 117.09% to lead the way.
Bitcoin Cash SV (+43.58%), Cardano’s ADA (+30.40%), Crypto.com Coin (+54.33%), and Polkadot (+24.95%) also made solid gains.
Chainlink (+2.92%), Ethereum (+7.34%), and Litecoin (+6.37%) trailed the front runners, however.
For the current week, the crypto total market cap fell to a Monday low $1,350.01bn before rising to a Saturday high $1,778.34bn. At the time of writing, the total market cap stood at $1,694.60bn.
Bitcoin’s dominance fell to a Friday low 59.92% before rising to a Saturday high 63.57%. At the time of writing, Bitcoin’s dominance stood at 62.46%.
At the time of writing, Bitcoin was down by 1.09% to $56,753.0. A mixed start to the day saw Bitcoin rise to an early morning high $57,449.0 before falling to a low $56,451.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin was up by 0.31% to buck 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 3.24% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the pivot level at $57,028 to bring the first major resistance level at $58,670 into play.
Support from the broader market would be needed for Bitcoin to break out from Sunday’s swing hi $58,321.2.
Barring an extended crypto rally, the first major resistance level and resistance at $59,000 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 $59,963.
Failure to move back through the $57,028 pivot would bring the first major support level at $55,734 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$55,000 levels. The second major support level sits at $54,093.