The Crypto Daily – Movers and Shakers – March 22nd, 2021It’s a bearish start to the day for the majors. A Bitcoin move back through to $58,000 levels should deliver support to the broader market.
Bitcoin, BTC to USD, fell by 1.20% on Sunday. Reversing a 0.08% gain from Saturday, Bitcoin ended the week down by 2.77% to $57,366.0.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $58,584.0 before hitting reverse.
Falling short of the first major resistance level at $59,453, Bitcoin slide to a late morning intraday low $55,357.0.
The reversal saw Bitcoin fall through the first major support level at $57,253 and the second major resistance level at $56,426.
Steering clear of sub-$55,000 support levels, Bitcoin revisited $58,000 levels before a fall back to sub-$58,000 levels.
The first major support level at $57,253 limited the downside late in the day.
The near-term bullish trend remained intact in spite of last week’s pullback. 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 Sunday.
Binance Coin rose 0.15% to buck the trend.
It was a bearish day for the rest of the majors, however.
Polkadot (-0.12%) saw relatively modest loss on the day, however.
For the week, it was also a mixed bag.
Crypto.com Coin and Ripple’s XRP jumped by 17.41% and by 17.77% respectively to lead the way, with Cardano’s ADA rallying by 12.58%.
Binance Coin (+0.52%), Bitcoin Cash SV (+2.81%), Chainlink (+2.36%), and Polkadot (+3.60%) also ended the week in the green.
Ethereum (-3.49%), and Litecoin (-8.64%) bucked the trend, however, to join Bitcoin in the red.
In the week, the crypto total market fell to a Tuesday low $1,593bn before rising to a Saturday high $1,840bn. At the time of writing, the total market cap stood at $1,739bn.
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 61.40%.
At the time of writing, Bitcoin was down by 0.30% to $57,196.0. A mixed start to the day saw Bitcoin rise to an early morning high $57,420.0 before falling to a low $56,805.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin was up by 0.37% to buck the trend early on.
It was a bearish start for the rest of the majors, however.
At the time of writing, Ripple’s XRP was down by 1.42% to buck the trend early on.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall back through the pivot level at $57,102 to bring the first major resistance level at $58,848 into play.
Support from the broader market would be needed for Bitcoin to break out from Sunday’s high $58,584.0.
Barring an extended crypto rally, the first major resistance level and resistance at $59,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at the swing hi $61,699.0. The second major resistance level sits at $60,329.
Failure to avoid a fall back through the $57,102 pivot would bring the first major support level at $55,621 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$55,000 levels. The second major support level sits at $53,875.