The Crypto Daily – Movers and Shakers – March 1st, 2021It’s a bullish start to the day for Bitcoin and the broader market. A Bitcoin move through to $47,000 levels would support a breakout day for the majors.
Bitcoin, BTC to USD, fell by 1.95% on Sunday. Following a 0.07% decline on Saturday, Bitcoin ended the week down by 21.04% to $45,300.0.
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A bullish start to the day saw Bitcoin rise to an early morning intraday high $46,703.0 before hitting reverse. In spite of the bearish week, Bitcoin ended February up by 36.78%.
Falling short of the first major resistance level at $48,063, Bitcoin slid to a late afternoon intraday low $43,171.0.
Bitcoin fell through the first major support level at $44,756 and the second major support level at $43,275.
The sell-off also saw Bitcoin fall through the 23.6% FIB of $45,501.
Steering clear of sub-$40,000 support levels, however, Bitcoin revisited $46,000 levels before easing back.
Bitcoin broke back through the major support levels and the 23.6% FIB of $45,501 before ending the day at $45,300 levels.
The near-term bullish trend remained intact in spite of the week’s reversal. 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 Sunday.
Cardano’s ADA (+0.15%) and Polkadot (+3.25%) also bucked the trend on the day.
It was a bearish day for the rest of the majors, however.
For the week, it was a mixed week for the cryptos.
Cardano’s ADA rallied by 19.53% to lead the way, with Polkadot rising by 8.45% to also buck the trend.
It was a particularly bearish week for the rest of the majors, however.
Binance Coin (-28.66%), Bitcoin Cash SV (-29.10%), Chainlink (-27.56%), Ethereum (-26.54%), Litecoin (-27.18%), and Ripple’s XRP (-23.57%) led the way down.
Crypto.com Coin (-7.44%) saw a relatively modest loss in the week, however.
In spite of the downward trend for the week, it was a mixed month for the majors.
Bitcoin Cash (-4.12%) and Ripple’s XRP (-15.97%) bucked the trend with losses for February.
It was a bullish month for the rest of the majors, however.
Binance Coin surged by 374.51% to lead the way, with Cardano’s ADA (+281.46%) and Crypto.com Coin (+108.38%) also impressing.
Chainlink (+9.53%), Ethereum (+8.22%), Litecoin (+27.86%), and Polkadot (+53.66%) trailed the front runners.
In the week, the crypto total market cap rose to a Monday high $1,748.98bn before sliding to a Sunday low $1,277.34bn. At the time of writing, the total market cap stood at $1,399.38bn.
Bitcoin’s dominance rose to a Tuesday high 64.74% before falling to a Saturday low 60.94%. At the time of writing, Bitcoin’s dominance stood at 62.05%.
At the time of writing, Bitcoin was up by 2.73% to $46,537.6. A mixed start to the day saw Bitcoin fall to an early morning low $45,100.0 before rising to a high $46,552.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Cardano’s ADA and Polkadot were down by 1.24% and by 0.95% respectively 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 8.95% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the 23.6% FIB of $45,501 and the pivot level at $45,058 to bring the first major resistance level at $46,945 into play.
Support from the broader market would be needed for Bitcoin to break out from Sunday’s high $46,703.0.
Barring an extended crypto rally, the first major resistance level and resistance at $47,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $49,000 before any pullback. The second major resistance level sits at $48,590.
Failure to avoid a fall through the 23.6% FIB of $45,501 and the $45,058 pivot would bring the first major support level at $43,413 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$42,000 levels. The second major support level sits at $41,526.