The Crypto Daily – Movers and Shakers – March 6th, 2021It’s a bullish start to the day for the majors. A Bitcoin move back through to $50,000 would signal a broad-based crypto rally.
Bitcoin, BTC to USD, rose by 0.91% on Friday. Partially reversing a 4.01% slide from Thursday, Bitcoin ended the day at $48,830.0.
A bearish start to the day saw Bitcoin slide to an early morning intraday low $46,417.0 before making a move.
Bitcoin fell through the first major support level at $46,735 before striking a late intraday high $49,489.0.
Falling short of the first major resistance level at $50,909, Bitcoin fell back to $48,600 levels before wrapping up the day at $48,800 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 Friday.
Ripple’s XRP and Polkadot slid by 5.27% and by 5.47% respectively to lead the way down.
It was a bullish 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 $1,486bn.
Bitcoin’s dominance rose to a Tuesday high 62.40% before falling to a Thursday low 61.06%. At the time of writing, Bitcoin’s dominance stood at 61.45%.
At the time of writing, Bitcoin was up by 0.45% to $49,048.0. A bullish start to the day saw Bitcoin rise from an early morning low $48,826.0 to a high $49,238.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bullish start to the day.
At the time of writing, Crypto.com Coin was up by 2.16% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $48,245 to bring the first major resistance level at $50,074 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 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 $51,317.
Failure to avoid a fall through the $48,245 pivot would bring the first major support level at $47,002 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 $45,173.