The Crypto Daily – Movers and Shakers – March 11th, 2021

It’s a mixed start to the day for the majors. A Bitcoin move through to $58,000 levels would signal a broad-based crypto rally.
Bitcoin and Litecoin over dollar banknotes.

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Bitcoin, BTC to USD, rose by 1.87% on Wednesday. Following on from a 4.88% rally on Tuesday, Bitcoin ended the day at $55,985.0.

It was a mixed start to the day. Bitcoin fell from an early morning high $55,777.0 to an early morning intraday low $53,155.0 before making a move.

Steering clear of the first major support level at $52,980, Bitcoin rallied to a late intraday high $57,444.0.

Bitcoin broke through the first major resistance level at $55,943 and the second major resistance level at $56,930.

Falling short of $58,000 levels, Bitcoin fell back through the resistance levels to $55,680 levels before steadying.

Late in the day, Bitcoin broke back through the first major resistance level to end the day at $55,980 levels.

The near-term bullish trend remained intact supported by the latest visit to $57,000 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 mixed day on Wednesday.

Bitcoin Cash SV and Crypto.com Coin rose by 0.87% and by 2.26% to buck the trend and join Bitcoin in the green.

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

Binance Coin  (-5.18%), Cardano’s ADA (-5.45%), Chainlink (-5.22%), and Ripple’s XRP (-4.77%) led the way down.

Ethereum (-4.09%), Litecoin (-1.86%), and Polkadot (-3.42%) also struggled.

In the current week, the crypto total market fell to a Monday low $1,508bn before rising to a Wednesday high $1,765bn. At the time of writing, the total market cap stood at $1,691bn.

Bitcoin’s dominance fell to a Tuesday low 60.13% before rising to a Wednesday high 62.25%. At the time of writing, Bitcoin’s dominance stood at 62.02%.

This Morning

At the time of writing, Bitcoin was up by 0.54% to $56,288.0. A mixed start to the day saw Bitcoin fall to an early morning low $55,600.0 before rising to a high $56,422.0.

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

Elsewhere, it was a mixed start to the day.

Chainlink (-0.55%) and Crypto.com Coin (-1.10%) saw red to buck the trend early on.

It was a bullish start for the rest of the majors, however.

At the time of writing, Binance Coin was up by 1.37% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $55,528 to bring the first major resistance level at $57,901 into play.

Support from the broader market would be needed for Bitcoin to break out from Wednesday’s high $57,444.0.

Barring an extended crypto rally, the first major resistance level and resistance at $58,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at February’s swing hi $58,321.2. The second major resistance level sits at $59,817.

Failure to avoid a fall through the $55,528 pivot would bring the first major support level at $53,612 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear sub-$52,000 levels. The second major support level sits at $51,239.

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