The Crypto Daily – Movers and Shakers – March 31st, 2021

Bitcoin, BTC to USD, rose by 2.02% on Tuesday. Following on from a 3.39% rally on Monday, Bitcoin ended the day at $58,840.0.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $57,135.0 before making a move.

Steering clear of the first major support level at $55,507, Bitcoin rallied to a mid-day intraday high $59,523.0.

The morning rally saw Bitcoin break through the first major resistance level at $59,168 before easing back.

Falling short of $60,000 levels and the second major resistance level at $60,660, Bitcoin fell back to sub-$58,500 levels.

Finding late support, however, Bitcoin briefly moved back through to $58,900 levels before easing back.

The near-term bullish trend remained intact in spite of the recent 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.

Binance Coin  jumped by 13.22% to lead the way.

Cardano’s ADA (+0.84%), Crypto.com Coin (+0.33%), Ethereum (+1.40%), and Litecoin (+1.06%) also found support.

It was a bearish day for the rest of the pack, however.

Polkadot fell by 2.97% to lead the way down.

Bitcoin Cash SV (-0.53%), Chainlink (-0.70%), and Ripple’s XRP (-0.46%) also saw red on the day.

In early part of the week, the crypto total market fell to a Monday low $1,671bn before rising to a Tuesday high $1,843bn. At the time of writing, the total market cap stood at $1,812bn.

Bitcoin’s dominance fell to a Monday low 60.14% before rising to a Monday high 61.31%. At the time of writing, Bitcoin’s dominance stood at 60.73%.

This Morning

At the time of writing, Bitcoin was up by 0.26% to $58,993.1. A mixed start to the day saw Bitcoin fall to an early morning low $58,805.0 before rising to a high $58,994.0.

Elsewhere, it was another mixed start to the day.

Cardano’s ADA and Chainlink bucked the trend early on, with losses of 0.12% and 0.22% respectively.

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

At the time of writing, Ethereum was up by 0.40% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $58,499 to bring the first major resistance level at $59,864 into play.

Support from the broader market would be needed for Bitcoin to break out from Tuesday’s high $59,523.0.

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 14^th March swing hi $61,699.0 before easing back. The second major resistance level sits at $60,887.

Failure to avoid a fall through the $58,499 pivot would bring the first major support level at $57,476 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$56,000 levels. The second major support level at $56,111 should limit the downside.