The Crypto Daily – Movers and Shakers – February 26th, 2021
It’s a mixed start to the day for the majors. A Bitcoin move back through to $48,000 levels would deliver much-needed support.
Bitcoin, BTC to USD, slid by 5.14% on Thursday. Reversing 1.71% gain from Wednesday, Bitcoin ended the day at $47,162.
A mixed start to the day saw Bitcoin rise to an early morning high $50,900.0 before hitting reverse.
Falling short of $51,000 levels and the major resistance levels, Bitcoin fell to a late morning low $48,673.0.
Steering clear of the first major support level at $47,294, Bitcoin bounced back to an early afternoon intraday high $52,189.0.
Bitcoin broke through the first major resistance level at $51,746 before sliding to a late intraday low $46,750.0.
The late sell-off saw Bitcoin fall through the first major support level at $47,294.
A late move back through to $47,100 levels reduced the deficit on the day, however.
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 Thursday.
Cardano’s ADA and Crypto.com Coin rose by 2.49% and by 5.21% respectively to buck the trend on the day.
It was a bearish day for the rest of the majors, however.
Chainlink slid by 12.38% to led the way down.
Binance Coin (-7.82%), Ethereum (-8.78%), and Ripple’s XRP (-6.93%) also saw relatively heavy losses.
Bitcoin Cash SV (-0.70%), Litecoin (-1.17%) and Polkadot (2.02%) saw relatively modest losses on the day.
In the current week, the crypto total market cap rose to a Monday high $1,748.98bn before sliding to a Tuesday low $1,291.06bn. At the time of writing, the total market cap stood at $1,372.14bn.
Bitcoin’s dominance rose to a Tuesday high 64.74% before falling to a Wednesday low 61.25%. At the time of writing, Bitcoin’s dominance stood at 62.61%.
This Morning
At the time of writing, Bitcoin was down by 2.25% to $46,101.0. A mixed start to the day saw Bitcoin rise to an early morning high $47,638.4 before sliding to a low $45,858.0
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bearish start to the day for the broader crypto market.
At the time of writing, Crypto.com Coin was down by 10.63% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the pivot level at $48,700 to bring the first major resistance level at $50,651 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 resistance at $51,000 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 $54,139.
Failure to move through the $48,700 pivot would bring the 23.6% FIB of $45,501 and the first major support level at $45,212 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $43,261.
