The Crypto Daily – Movers and Shakers – March 5th, 2021It’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.
Bitcoin, BTC to USD, slid by 4.01% on Thursday. Reversing a 3.91% gain from Wednesday, Bitcoin ended the day at $48,388.0.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $51,777.0 before hitting reverse.
Falling short of the first major resistance level at $52,649, Bitcoin slid to a late intraday low $47,603.0.
The sell-off saw Bitcoin fall through the first major support level at $48,175 before ending the day at $48,300 levels.
The near-term bullish trend remained intact in spite of latest pullback. 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 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.
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%.
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.