The Crypto Daily – Movers and Shakers – February 16th, 2021

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Bitcoin, BTC to USD, fell by 1.42% on Monday. Partially reversing a 2.98% gain on Sunday, Bitcoin ended the day at $47,906.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $48,959.0 before hitting reverse.

Falling short of the first major resistance level at $49,819, Bitcoin slid to an early morning intraday low $45,730.5.

The sell-off saw Bitcoin fall through the first major support level at $47,190 and the second major support level at $45,795.

Finding support through the day, Bitcoin broke back through the major support levels to revisit $48,800 levels.

A bearish end to the day, however, saw Bitcoin fall back to sub-$48,000 levels and into the red.

The near-term bullish trend remained intact, supported by the Sunday’s new swing hi $49,659.0. For the bears, Bitcoin would need to slide through the 62% FIB of $21,442 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Monday.

Cardano’s ADA and Polkadot rose by 1.98% and by 5.06% respectively to buck the trend on the day.

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

Bitcoin Cash SV slumped by 12.02% to lead the way down, with Ripple’s XRP sliding by 7.42%.

Binance Coin (-4.39%), Chainlink (-2.07%), Crypto.com Coin (-3.98%) Ethereum (-1.31%), and Litecoin (-2.81%) also joined Bitcoin in the red.

At the start of the week, the crypto total market cap fell to a Monday low $1,361.93bn before rising to a Monday high $1,483.98bn. At the time of writing, the total market cap stood at $1,453.99bn.

Bitcoin’s dominance jumped to a Monday high 62.94% before falling to a Monday low 61.11%. At the time of writing, Bitcoin’s dominance stood at 60.42%.

This Morning

At the time of writing, Bitcoin was down by 0.41% to $47,711.0. A mixed start to the day saw Bitcoin rise to an early morning high $48,013.0 before falling to a low $47,486.0.

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

Elsewhere, it was a bearish start to the day.

At the time of writing, Crypto.com Coin was down by 1.72% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $47,532 to bring the first major resistance level at $49,333 into play.

Support from the broader market would be needed for Bitcoin to break out from Monday’s high $48,959.0.

Barring an extended crypto rally, the first major resistance level and Sunday’s swing hi $49,659.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test the second major resistance level at $50,760.

Failure to avoid a fall back through the $47,532 pivot would bring the first major support level at $46,105 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$45,000 levels. The second major support level sits at $44,303.