The Crypto Daily – Movers and Shakers – March 6th, 2021

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Published: Mar 6, 2021, 00:51 UTC

It'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.

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.

Binance Coin (-1.86%), Bitcoin Cash SV (-1.67%), Crypto.com Coin (-2.38%), Ethereum (-0.70%), and Litecoin (-0.16%) also saw red.

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

Cardano’s ADA rallied by 4.20% to lead the way, with Chainlink (+0.57%) also joining Bitcoin in the green.

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%.

This Morning

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.

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.