The Crypto Daily – Movers and Shakers – February 25th, 2021

It’s a bullish start to the day for the crypto majors. A Bitcoin move back through to $51,000 levels would support a breakout.
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Bitcoin, BTC to USD, rose by 1.71% on Wednesday. Partially reversing a 9.61% slide from Tuesday, Bitcoin ended the day at $49,716.0.

A mixed start to the day saw Bitcoin slide to an early morning intraday low $46,902.0 before making a move.

Steering clear of the 23.6% FIB and the first major support level at $44,534, Bitcoin struck a mid-morning intraday high $51,354.5.

Falling short of the first major resistance level at $53,675, Bitcoin fell back to a low $48,050 and into the red.

Finding late support, however, Bitcoin move back through to $49,000 levels to deliver the upside on the day.

The near-term bullish trend remained intact in spite of the current week reversal. 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 Wednesday.

Polkadot (-4.14%) and Ripple’s XRP (-0.38%) saw red to buck the trend on the day.

It was a bullish day for the rest of the pack, however.

Binance Coin (+10.03%), Cardano’s ADA (+9.23%), and Chainlink (+8.20%) led the way.

Bitcoin Cash SV (+1.20%), Crypto.com Coin (+6.03%), Ethereum (+3.01%), Litecoin (+2.37%) trailed the front runners.

In the current week, the crypto total market cap rose to a Monday high $1,747.74bn before sliding to a Tuesday low $1,293.34bn. At the time of writing, the total market cap stood at $1,515.08bn.

Bitcoin’s dominance rose to a Tuesday high 64.62% before falling to a Wednesday low 61.23%. At the time of writing, Bitcoin’s dominance stood at 62.16%.

This Morning

At the time of writing, Bitcoin was up by 1.67% to $50.545.0. A mixed start to the day saw Bitcoin fall to an early morning low $49,522.0 before rising to a high $50,889.0.

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

Elsewhere, it was a bullish start to the day.

At the time of writing, Binance Coin was up by 2.45% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $49,324 to bring the first major resistance level at $51,746 into play.

Support from the broader market would be needed for Bitcoin to break back through to $51,000 levels.

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 $55,000 before any pullback. The second major resistance level sits at $53,777.

Failure to avoid a fall through the $49,324 pivot would bring the first major support level at $47,294 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $44,872. The 23.6% FIB of $45,501 should limit the downside.

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