The Crypto Daily – Movers and Shakers – March 5th, 2021

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Published: Mar 5, 2021, 00:47 UTC

It's a bearish start to the day for the crypto majors. A Bitcoin move back through to $50,000 would support a broad-based crypto rebound.

Different cryptocurrencies in a circle with a golden bitcoin in

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Thursday.

Ripple’s XRP rallied by 7.33% to buck the trend on the day.

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

Cardano’s ADA and Chainlink slid by 8.31% and by 7.37% respectively to lead the way down.

Binance Coin (-4.59%), Bitcoin Cash SV (-5.76%), and Litecoin (-3.75%) also saw relatively heavy losses.

Crypto.com Coin (-1.81%), Ethereum (-1.83%), and Polkadot (-1.04%) saw relatively modest losses on the day, however.

In the current week, the crypto total market fell to a Monday low $1,347bn before rising to a Wednesday high $1,600bn. At the time of writing, the total market cap stood at $1,422bn.

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 61.50%.

This Morning

At the time of writing, Bitcoin was down by 2.54% to $47,161.0. A bearish start to the day saw Bitcoin slide from an early morning high $48,389.0 to a low $47,055.0.

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

Elsewhere, it was also a bearish start to the day for the majors

At the time of writing, Crypto.com Coin was down by 4.97% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $49,256 to bring the first major resistance level at $50,909 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 Thursday’s high $51,777.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $53,430.

Failure to move through the $49,256 pivot would bring the first major support level at $46,735 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of the 23.6% FIB of $45,501 and the second major support level at $45,082.

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.