The Crypto Daily – Movers and Shakers – March 21st, 2021
Bitcoin, BTC to USD, rose by 0.08% on Saturday. Following a 0.71% gain on Friday, Bitcoin ended the day at $58,079.0.
A bearish start to the day saw Bitcoin fall to an early morning intraday low $57,800.0 before making a move.
Steering clear of the first major support level at $56,391 Bitcoin rallied to an early afternoon intraday high $60,000.0.
Bitcoin broke through the first major resistance level at $59,594 before Sliding 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 Saturday.
Ripple’s XRP jumped by 12.62% to lead the way on the day.
Binance Coin (+0.47%) and Litecoin (+0.14%) also joined Bitcoin in the green.
It was a bearish day for the rest of the majors, however.
Cardano’s ADA slid by 7.33% to lead the way down.
Bitcoin Cash SV (-4.63%), Chainlink (-0.62%), Crypto.com Coin (-3.12%), Ethereum (-0.14%), and Polkadot (-2.59%) also saw red.
In the current week, the crypto total market fell to a Tuesday low $1,593bn before rising to a Saturday high $1,839bn. At the time of writing, the total market cap stood at $1,749bn.
Bitcoin’s dominance rose to a Monday high 63.03% before falling to a Saturday low 60.83%. At the time of writing, Bitcoin’s dominance stood at 61.72%.
At the time of writing, Bitcoin was down by 0.49% to $57,797.0. A bearish start to the day saw Bitcoin fall from an early morning high $58,064.0 to a low $57,731.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Chainlink bucked the trend early on, rising by 0.03%.
It was a bearish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was down by 6.65% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the pivot level at $58,626 to bring the first major resistance level at $59,453 into play.
Support from the broader market would be needed for Bitcoin to break back through to $59,000 levels.
Barring an extended crypto rally, the first major resistance level and Saturday’s high $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 $60,826.
Failure to move through the $58,626 pivot would bring the first major support level at $57,253 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$56,500 levels. The second major support level sits at $56,426.