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The Crypto Daily – Movers and Shakers – March 12th, 2021
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It's a mixed start to the day for the majors. A Bitcoin move through to $59,000 would support the broader market.
In this article:
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.
About the Author
Bob Masonauthor
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.
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