The Crypto Daily – Movers and Shakers – March 13th, 2021

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Published: Mar 13, 2021, 00:49 UTC

It's a bearish start to the day for the crypto majors. A Bitcoin move back through to $57,000 levels would provide support.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Friday.

Litecoin rallied by 9.61%, with Crypto.com Coin rising by 3.56% to buck the trend on the day.

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

Binance Coin slid by 9.21% to lead the way down, with Cardano’s ADA (-8.10%) and Chainlink (-5.75%) weren’t far behind.

Bitcoin Cash SV (-1.30%), Ethereum (-3.22%), Polkadot (-1.54%), and Ripple’s XRP (-2.80%) also saw red.

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 Friday high 63.23%. At the time of writing, Bitcoin’s dominance stood at 62.35%.

This Morning

At the time of writing, Bitcoin was down by 1.36% to $56,517.0. A mixed start to the day saw Bitcoin rise to an early morning high $57,358.0 before falling to a low $56,504.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV was up by 2.01% to buck the trend early on.

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

At the time of writing, Crypto.com Coin was down by 3.84% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $56,880 to bring the first major resistance level at $58,576 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 $59,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $60,000. The second major resistance level sits at $59,856.

Failure to move back through the $56,880 pivot would bring the first major support level at $55,600 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 $53,904.

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.