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The Crypto Daily – Movers and Shakers – March 21st, 2021

By:
Bob Mason
Updated: Mar 21, 2021, 00:36 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 market.

Investing and stock market concept gain and profits with faded candlestick charts.

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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%.

This Morning

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.

BTCUSD 210321 Hourly Chart

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.

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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