The Crypto Daily – Movers and Shakers – March 7th, 2021It’s a mixed start to the day for the majors. The Bitcoin bulls will be eyeing a return to $50,000 to bring $55,000 back into play.
Bitcoin, BTC to USD, eked out a 0.07% gain on Saturday. Following on from a 0.91% gain on Friday, Bitcoin ended the day at $48,860.0.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $49,238.0 before hitting reverse.
Falling short of the first major resistance level at $50,074, Bitcoin fell to an early afternoon intraday low $47,159.0.
Steering clear of the first major support level at $47,002, Bitcoin revisited $49,000 levels before easing back.
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 Saturday.
Ethereum rallied by 8.05% to lead the way.
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 $1,505bn.
Bitcoin’s dominance rose to a Tuesday high 62.40% before falling to a Friday low 60.44%. At the time of writing, Bitcoin’s dominance stood at 60.93%.
At the time of writing, Bitcoin was up by 0.72% to $49,213.0. A bullish start to the day saw Bitcoin rise from an early morning low $48,895.0 to a high $49,275.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Cardano’s ADA was down by 0.47% to buck the trend early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was up by 4.22% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $48,419 to bring the first major resistance level at $49,679 into play.
Support from the broader market would be needed for Bitcoin to break back through to $49,500 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $50,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $51,000 before any pullback. The second major resistance level sits at $50,498.
Failure to avoid a fall through the $48,419 pivot would bring the first major support level at $47,600 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of the 23.6% FIB of $45,50. The second major support level at $46,340 should limit the downside.