The Crypto Daily – Movers and Shakers – March 24th, 2021
It’s a mixed start to the day for the majors. A Bitcoin move back through to $55,000 levels should provide the broader market with support.
Bitcoin, BTC to USD, rose by 0.49% on Tuesday. Partially reversing a 5.70% slide from Monday, Bitcoin ended the day at $54,336.8.
A mixed start to the day saw Bitcoin slide from an early morning high $55,288.0 to an early morning intraday low $52,812.0.
Steering clear of the first major support level at $52,338, Bitcoin rallied to a late afternoon intraday high $55,822.3.
Falling short of the first major resistance level at $57,163, Bitcoin eased back to end the day at sub-$54,500 levels.
The near-term bullish trend remained intact in spite of the latest 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 Tuesday.
Crypto.com Coin slid by 10.84% to lead the way down.
Chainlink (-1.79%), Ethereum (-0.79%), and Polkadot (-3.26%) also saw red to buck the trend on the day.
It was a bullish day for the rest of the majors, however.
Bitcoin Cash SV rallied by 5.42% to lead the way.
Binance Coin (+0.21%), Cardano’s ADA (+1.33%), Litecoin (+0.06%), and Ripple’s XRP (+0.52%) and also joined Bitcoin in the green.
In the current week, the crypto total market rose to a Monday high $1,802bn before sliding to a Tuesday low $1,607bn. At the time of writing, the total market cap stood at $1,653bn.
Bitcoin’s dominance rose to a Monday high 61.63% before falling to a Tuesday low 60.20%. At the time of writing, Bitcoin’s dominance stood at 61.06%.
This Morning
At the time of writing, Bitcoin was down by 0.25% to $54,203.0. A mixed start to the day saw Bitcoin rise to an early morning high $54,668.0 before falling to a low $54,118.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV and Crypto.com Coin were up by 1.33% and by 3.82% 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 1.14% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the pivot level at $54,324 to bring the first major resistance level at $55,835 into play.
Support from the broader market would be needed for Bitcoin to break out from Tuesday’s high $55,822.3.
Barring an extended crypto rally, the first major resistance level and resistance at $56,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $58,000 before any pullback. The second major resistance level sits at $57,334.
Failure to move back through the $54,324 pivot would bring the first major support level at $52,825 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$50,000 levels. The second major support level at $51,313 should limit the downside.
