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The Crypto Daily – Movers and Shakers – March 20th, 2021

By:
Bob Mason
Updated: Mar 20, 2021, 00:47 UTC

It's a mixed start to the day for the majors. A Bitcoin move back through to $59,000 levels would support the broader crypto market.

Coins of crypto currency are presented on a dark background. Virtual money concept.

In this article:

Bitcoin, BTC to USD, rose by 0.71% on Friday. Partially reversing a 2.08% fall from Thursday, Bitcoin ended the day at $58,049.6.

A bearish start to the day saw Bitcoin slide to an early morning intraday low $56,277.0.

Bitcoin fell through the first major support level at $56,367 before striking a late intraday high $59,480.0.

Falling short of the first major resistance level at $59,551, Bitcoin fell back to end the day at sub-$58,100 levels.

The near-term bullish trend remained intact supported by last Sunday’s new swing hi $61,699.0. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 to form a near-term bearish trend.

The Rest of the Pack

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

Ripple’s XRP slipped by 0.37% to buck the trend on the day.

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

Bitcoin Cash SV (+5.25%), Cardano’s ADA (+5.36%), Crypto.com Coin (+5.50%), and Polkadot (+7.28%) led the way.

Binance Coin  (+0.70%), Chainlink (+1.22%), Ethereum (+1.86%), and Litecoin (+0.09%) trailed the front runners.

In the current week, the crypto total market fell to a Tuesday low $1,593bn before rising to a Thursday high $1,832bn. At the time of writing, the total market cap stood at $1,757bn.

Bitcoin’s dominance rose to a Monday high 63.03% before falling to a Tuesday low 60.84%. At the time of writing, Bitcoin’s dominance stood at 61.49%.

This Morning

At the time of writing, Bitcoin was down by 0.35% to $57,846.2 A bearish start to the day saw Bitcoin fall from an early morning high $58,049.0 to a low $57,800.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin (+1.28%) and Polkadot (+0.07%) bucked the trend early on.

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

At the time of writing, Binance Coin was down by 0.55% to lead the way down.

BTCUSD 200321 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $57,936 to bring the first major resistance level at $59,594 into play.

Support from the broader market would be needed for Bitcoin to break out from Friday’s high $59,480.0.

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 last Sunday’s new swing hi $61,699.0. The second major resistance level sits at $61,139.

Failure to move back through the $57,936 pivot would bring the first major support level at $56,391 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$55,000 levels. The second major support level sits at $54,733.

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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