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