The Crypto Daily – Movers and Shakers – February 23rd, 2021

It’s a bearish start to the day for the majors. A Bitcoin move back through to $55,000 levels would support a broad-based crypto rally.
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

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Bitcoin, BTC to USD, slid by 5.73% on Monday. Reversing a 2.85% gain from Sunday, Bitcoin ended the day at $54,087.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $57,449.0 before hitting reverse.

Falling short of the first major resistance level at $58,670, Bitcoin tumbled to an early afternoon intraday low $48,255.0.

The sell-off saw Bitcoin slide through the day’s support levels.

Steering clear of the 23.6% FIB of $45,501, however, Bitcoin bounced back to revisit $55,000 late in the day.

Bitcoin broke back through the third major support level at $51,157 and the second major support level at $54,093.

Coming up short of the first major support level at $55,734, however, Bitcoin fell back to sub-$54,000 levels before wrapping up the day at $54,000 levels.

The second major support level at $54,093 pinned Bitcoin back late in the day.

The near-term bullish trend remained intact, supported by the Sunday’s new swing hi $58,321.2. 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 Monday.

Crypto.com Coin surged by 67.52% to lead the way.

Ripple’s XRP (+3.87%) and Polkadot (+0.82%) also bucked the trend on the day.

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

Bitcoin Cash SV slid by 10.66% to lead the way down.

Binance Coin (-9.35%), Chainlink (-7.73%), Ethereum (-8.11%), and Litecoin (-8.50%) also saw heavy losses.

Cardano’s ADA (-0.26%) saw a modest loss on the day.

Early in the current week, the crypto total market cap rose to a Monday high $1,747.86bn before falling to a low $1,390.01bn. At the time of writing, the total market cap stood at $1,595.77bn.

Bitcoin’s dominance fell to a Monday low 61.37% before rising to a Monday high 63.55%. At the time of writing, Bitcoin’s dominance stood at 62.33%.

The News Wires

Following Tesla’s Bitcoin purchase that fueled the latest broad-based crypto rally, comments from Elon Musk weighed on the markets.

Elon Musk tweeted this week that values for Bitcoin and Ethereum seemed too high. The tweets were reportedly made in a discussion on the nature of money.

This Morning

At the time of writing, Bitcoin was down by 1.27% to $53,386.0. A mixed start to the day saw Bitcoin rise to an early morning high $54,138.0 before falling to a low $53,211.0.

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 5.39% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $53,264 to bring the first major resistance level at $58,272 into play.

Support from the broader market would be needed for Bitcoin to break out from Monday’s high $57,449.0.

Barring an extended crypto rally, the first major resistance level and Sunday’s swing hi $58,321.2 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $60,000 before any pullback. The second major resistance level sits at $62,458.

Failure to avoid a fall back through the $53,264 pivot would bring the first major support level at $49,078 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$45,000 and the second major support level at $44,080. The 23.6% FIB of $45,501 should limit the downside.

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