The Crypto Daily – Movers and Shakers – March 17th, 2021

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Published: Mar 17, 2021, 00:52 UTC

It's a mixed start to the day for the majors. A Bitcoin move through to $58,000 levels would support the broader market.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Tuesday.

Cardano’s ADA surged by 21.26% to lead the way.

Bitcoin Cash SV (+5.88%), Crypto.com Coin (+10.06%), and Ripple’s XRP (+5.48%) also made solid gains.

Binance Coin (+1.65%), Chainlink (+1.69%), Ethereum (+0.67%), Litecoin (+0.49%), and Polkadot (+0.81%) trailed the front runners, however.

Early in the week, the crypto total market rose to a Monday high $1,828bn before falling to a Tuesday low $1,593bn. At the time of writing, the total market cap stood at $1,704bn.

Bitcoin’s dominance rose to a Monday high 63.02% before falling to a Tuesday low 60.84%. At the time of writing, Bitcoin’s dominance stood at 61.89%.

This Morning

At the time of writing, Bitcoin was down by 0.70% to $56,527.0. A mixed start to the day saw Bitcoin rise to an early morning high $57,144.0 before falling to a low $56,380.0.

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

Elsewhere, it was a mixed start to the day.

Polkadot and Ripple’s XRP were up by 0.31% and by 0.14% to buck the trend early on.

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

At the time of writing, Cardano’s ADA was down by 2.77% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $55,732 to bring the first major resistance level at $58,117 into play.

Support from the broader market would be needed for Bitcoin to break back through to $58,000 levels.

Barring an extended crypto rally, the first major resistance level 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 $59,311.

Failure to avoid a fall through the $55,732 pivot would bring the first major support level at $54,538 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$53,000 levels. The second major support level sits at $52,153.

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.