The Crypto Daily – Movers and Shakers – February 27th, 2021
Bitcoin, BTC to USD, fell by 1.77% on Friday. Following on from a 5.14% slide on Thursday, Bitcoin ended the day at $46,318.0.
A mixed start to the day saw Bitcoin fall to a late morning intraday low $44,027.0 before making a move.
The reversal saw Bitcoin fall through the first major support level at $45,212 and the 23.6% FIB of $45,501.
Finding late morning support, Bitcoin rose to a late afternoon intraday high $48,441.0 before hitting reverse.
Falling well short of the first major resistance level at $50,651, Bitcoin slid back to sub-$47,000 levels and into the red.
Despite the late sell-off, Bitcoin avoided a fall back through the 23.6% FIB and the major support 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 Friday.
Cardano’s ADA rallied by 15.62% to lead the way.
It was a bearish day for the rest of the majors, however.
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 $1,417.61bn.
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 62.03%.
At the time of writing, Bitcoin was up by 1.75% to $47,130.0. A mixed start to the day saw Bitcoin fall to an early morning low $46,173.0 before rising to a high $47,247.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day for the broader crypto market.
Crypto.com Coin was down by 3.68% to buck the trend early on.
It was a bullish start to the day for the rest of the majors, however.
At the time of writing, Litecoin was up by 5.17% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall back through the pivot level at $46,262 to bring the first major resistance level at $48,497 into play.
Support from the broader market would be needed for Bitcoin to break out from Friday’s high $48,441.0.
Barring an extended crypto rally, the first major resistance level and resistance at $49,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $52,000 before any pullback. The second major resistance level sits at $50,676.
Failure to avoid a fall back through the $46,262 pivot would bring the 23.6% FIB of $45,501 and the first major support level at $44,083 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $41,848.