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The Crypto Daily – Movers and Shakers – March 3rd, 2021

By:
Bob Mason
Published: Mar 3, 2021, 00:54 UTC

It's a mixed start to the day. A Bitcoin move back through to $50,000 levels should support the broader market.

Group of golden Bitcoin coins arranged in a grid

In this article:

Bitcoin, BTC to USD, fell by 2.11% on Tuesday. Partially reversing a 9.49% rally from Monday, Bitcoin ended the day at $48,536.0.

A bullish start to the day saw Bitcoin rally to an early morning intraday high $50,148.0 before hitting reverse.

Falling well short of the first major resistance level at $51,182, Bitcoin slid to a late intraday low $47,158.0.

Steering clear of the first major support level at $46,539, however, Bitcoin found late support to end the day at $48,500 levels.

The near-term bullish trend remained intact in spite of last week’s reversal. For the bears, Bitcoin would need to slide through the 62% FIB of $24,751 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.

Bitcoin Cash SV and Polkadot rose by 3.70% and by 3.83% respectively to lead the way.

Chainlink (+2.81%), Crypto.com Coin (+2.16%), and Litecoin (+1.80%) also found support to buck the trend on the day.

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

Binance Coin  (-5.87%), Cardano’s ADA (-5.64%), and Ethereum (-5.31%) led the way down.

Ripple’s XRP (-2.24%) saw relatively modest loss on the day.

Early in the week, the crypto total market fell to a Monday low $1,345.39bn before rising to a Tuesday high $1,533.73bn. At the time of writing, the total market cap stood at $1,436.62bn.

Bitcoin’s dominance fell to a Tuesday low 61.08% before rising to a Tuesday high 62.40%. At the time of writing, Bitcoin’s dominance stood at 61.89%.

This Morning

At the time of writing, Bitcoin was up by 0.18% to $48,625.0. A mixed start to the day saw Bitcoin fall to an early morning low $48,183.4 before rising to a high $48,855.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Litecoin and Ripple’s XRP were down by 0.04% and by 0.46% to buck the trend early on.

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

At the time of writing, Polkadot was up by 1.95% to lead the way.

BTCUSD 030321 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $48,614 to bring the first major resistance level at $50,070 into play.

Support from the broader market would be needed for Bitcoin to break back through to $50,000 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $50,148.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $52,000 before any pullback. The second major resistance level sits at $51,604.

Failure to avoid a fall back through the $48,614 pivot would bring the first major support level at $47,080 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $45,624 and the 23.6% FIB of $45,501.

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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