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The Crypto Daily – Movers and Shakers – March 8th, 2021

By:
Bob Mason
Updated: Mar 8, 2021, 02:08 UTC

It's a bullish start to the day for the majors. A Bitcoin move through to $52,000 levels would support a breakout day for the broader market.

Depositphotos_179061572_s-2019

In this article:

Bitcoin, BTC to USD, rallied by 4.31% on Sunday. Following a 0.07% gain from Saturday, Bitcoin ended the week up by 12.62% to $51,000.00.

A bullish start to the day saw Bitcoin rally to late afternoon high $51,350.0 before hitting reverse.

Bitcoin broke through the first major resistance level at $49,679 and the second major resistance level at $50,498.

The pullback saw Bitcoin slide back to $49,700 levels before a late rally.

Finding support at the first major resistance level at $49,679, Bitcoin rallied to a final hour intraday high $51,442.0.

Bitcoin broke back through the second major resistance level at $50,498 to wrap up the week at $51,000 levels.

The near-term bullish trend remained intact supported by the return to $51,000 levels. 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 bullish day on Sunday.

Binance Coin  (+5.95%) and Crypto.com Coin (+5.53%) led the way.

Bitcoin Cash SV (+4.11%), Ethereum (+4.63%), and  Litecoin (+4.30%) also found strong support.

Cardano’s ADA (+0.02%), Chainlink (+1.67%), Polkadot (+0.87%), and Ripple’s XRP (+0.33%) trailed the front runners, however.

For the week, it was a mixed week for the majors, however.

Cardano’s ADA slid by 14.14% to lead the way down, with Polkadot falling by 7.97% to buck the trend.

It was a bullish week for the rest of the majors.

Crypto.com Coin and Ethereum rallied by 20.78% and by 21.55% respectively to lead the way.

Binance Coin (+13.89%), Chainlink (+15.63%), Litecoin (+15.20%), and Ripple’s XRP (+11.88%) also found strong support.

Bitcoin Cash SV (+8.32%) trailed the front runners, however.

In the 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 $1,567bn.

Bitcoin’s dominance rose to a Tuesday high 62.40% before falling to a Saturday low 60.44%. At the time of writing, Bitcoin’s dominance stood at 61.13%.

This Morning

At the time of writing, Bitcoin was up by 1.18% to $51,603.0. A mixed start to the day saw Bitcoin fall to an early morning low $50,891.0 before rising to a high $51,682.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.44%), Bitcoin Cash SV (-0.75%), and Polkadot (-0.74%) saw red 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 2.25% to lead the way.

BTCUSD 080321 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $50,446 to bring the first major resistance level at $51,996 into play.

Support from the broader market would be needed for Bitcoin to break out from this morning’s high $51,682.0.

Barring an extended crypto rally, the first major resistance level and resistance at $52,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $54,000 before any pullback. The second major resistance level sits at $52,993.

Failure to avoid a fall through the $50,446 pivot would bring the first major support level at $49,449 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear sub-$49,000 levels. The second major support level sits at $47,899.

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.

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