The Crypto Daily – Movers and Shakers – March 10th, 2021

Bitcoin, BTC to USD, rallied by 4.88% on Tuesday. Following a 2.72% gain on Monday, Bitcoin ended the day at $54,955.3.

A mixed start to the day saw Bitcoin fall from an early morning high $51,993 before making a move.

Steering clear of the first major support level at $50,364, Bitcoin rallied to an early afternoon high $54,839.0.

Bitcoin broke through the first major resistance level at $53,439 and the second major resistance level at $54,479.

A late pullback saw Bitcoin fall back through the second major resistance level to sub-$53,800 levels.

Finding late support, however, Bitcoin broke back through the second major resistance level to strike an end of day intraday high $54,955.3.

The near-term bullish trend remained intact supported by the return to $54,000 levels. 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.

Bitcoin Cash SV (-0.23%) and Chainlink (-1.01%) saw red to buck the trend on the day.

It was a bullish day for the rest of the majors.

Binance Coin  surged by 21.95% to lead the way.

Cardano’s ADA (+7.03%), Crypto.com Coin (+5.67%), Litecoin (+6.29%), and Polkadot (+4.21%) also found strong support.

Ethereum (+2.02%) and Ripple’s XRP (+2.38%) trailed the front runners, however.

In the current week, the crypto total market fell to a Monday low $1,508bn before rising to a Tuesday high $1,700bn. At the time of writing, the total market cap stood at $1,696bn.

Bitcoin’s dominance rose to a Tuesday high 61.71% before falling to a Tuesday low 60.13. At the time of writing, Bitcoin’s dominance stood at 61.06%.

This Morning

At the time of writing, Bitcoin was up by 1.17% to $55,600.0. A mixed start to the day saw Bitcoin fall to an early morning low $54,900.0 before rising to a high $55,666.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.76%), Ethereum (-0.20%), and Polkadot (-0.87%) saw red to buck the trend early on.

It was a bullish start for the rest of the majors, however.

At the time of writing, Crypto.com Coin was up by 1.68% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $53,967 to bring the first major resistance level at $55,943 into play.

Support from the broader market would be needed for Bitcoin to break out from this morning’s high $55,666.0.

Barring an extended crypto rally, the first major resistance level and resistance at $56,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at February’s swing hi $58,321.2 before any pullback. The second major resistance level sits at $56,930.

Failure to avoid a fall through the $53,967 pivot would bring the first major support level at $52,980 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear sub-$52,000 levels. The second major support level sits at $51,006.