The Crypto Daily – Movers and Shakers – March 12th, 2021

Bitcoin, BTC to USD, rallied by 3.44% on Thursday. Following on from a 1.87% gain on Wednesday, Bitcoin ended the day at $57,877.0.

It was a mixed start to the day. Bitcoin slid from an early morning high $56,537.9 to a late morning intraday low $54,401.0.

Steering clear of the first major support level at $53,612, Bitcoin rallied to a late intraday high $58,266.0.

Bitcoin broke through the first major resistance level at $57,901 before falling back to sub-$57,900 levels.

The near-term bullish trend remained intact supported by the latest visit to $58,000 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 Thursday.

Cardano’s ADA (-0.69%), Polkadot (-4.99%), and Ripple’s XRP (-2.06%) saw red to buck the trend on the day.

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

Crypto.com Coin rallied by 6.61% to lead the way, Binance Coin with rising by 4.14%.

Bitcoin Cash SV (+0.04%), Chainlink (+0.81%), Ethereum (+1.75%), and Litecoin (+0.57%) saw relatively modest gains on the day.

In the current week, the crypto total market fell to a Monday low $1,508bn before rising to a Thursday high $1,769bn. At the time of writing, the total market cap stood at $1,727bn.

Bitcoin’s dominance fell to a Tuesday low 60.13% before rising to a Thursday high 62.57%. At the time of writing, Bitcoin’s dominance stood at 62.35%.

This Morning

At the time of writing, Bitcoin was down by 0.19% to $57,765.0. A mixed start to the day saw Bitcoin rise to an early morning high $58,159.0 before falling to a low $57,530.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-1.04%), Cardano’s ADA (-0.18%), Litecoin (-0.02%), and Ripple’s XRP (-0.59%) also joined Bitcoin in the red.

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

At the time of writing, Crypto.com Coin was up by 3.68% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $56,848 to bring the first major resistance level at $59,295 into play.

Support from the broader market would be needed for Bitcoin to break out from February’s swing hi $58,321.2.

Barring an extended crypto rally, the first major resistance level and resistance at $60,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $62,000. The second major resistance level sits at $60,713.

Failure to avoid a fall through the $56,848 pivot would bring the first major support level at $55,430 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear sub-$54,000 levels. The second major support level sits at $52,983.