The Crypto Daily – Movers and Shakers – February 24th, 2021It’s another bearish start to the day for the broader market. Bitcoin would need to take a run at $50,000 levels to settle the market.
Bitcoin, BTC to USD, slid by 9.61% on Tuesday. Following on from a 5.73% decline on Monday, Bitcoin ended the day at $48,874.0.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $54,138.0 before hitting reverse.
Falling short of the first major resistance level at $58,272, Bitcoin tumbled to a late morning intraday low $45,000.
The extended sell-off saw Bitcoin fall through the first major support level at $49,078 and the 23.6% FIB of $45,501.
Steering clear of sub-$45,000 support levels, Bitcoin briefly revisited $49,500 before a 2nd pullback.
Bitcoin broke back through the first major support level and the 23.6% FIB before a 2nd slide through the 23.6% FIB of $45,501.
Finding late support, however, Bitcoin broke back through the 23.6% FIB to end the day at $48,800 levels.
The near-term bullish trend remained intact in spite of the current week 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.
Polkadot rose by 1.48% to buck the trend on the day.
It was a particularly bearish day for the rest of the pack, however.
Crypto.com Coin tumbled by 34.61% to lead the way down.
Early in the current week, the crypto total market cap rose to a Monday high $1,747.86bn before sliding to a Tuesday low $1,290.41bn. At the time of writing, the total market cap stood at $1,444.92bn.
Bitcoin’s dominance fell to a Monday low 61.37% before rising to a Tuesday high 64.77%. At the time of writing, Bitcoin’s dominance stood at 62.73%.
At the time of writing, Bitcoin was down by 0.71% to $48,527.0. A mixed start to the day saw Bitcoin rise to an early morning high $49,087.0 before falling to a low $48,465.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV and Crypto.com Coin were up by 1.62% and by 2.92% 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 2.23% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the pivot level at $49,337 to bring the first major resistance level at $53,675 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 Monday’s high $54,138.0 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 $58,475.
Failure to move through the $49,337 pivot would bring the 23.6% FIB of $45,501 and the first major support level at $44,537 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $40,199.