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

It’s a mixed start to the day for the majors. Failure for Bitcoin to move back through to $56,000 levels will pressure the broader market.
Golden bitcoins on the black background closeup. Cryptocurrency virtual money

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Bitcoin, BTC to USD, slid by 5.62% on Monday. Following on from a 3.60% decline on Sunday, Bitcoin ended the day at $55,688.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $60,575.0 before hitting reverse.

Falling short of the first major resistance level at $60,799, Bitcoin slid to a late morning intraday low $54,566.0.

Bitcoin fell through the first major support level at $59,900 and the second major support level at $57,201.

Coming within range of the third major support level at $54,502, Bitcoin revisited $57,300 levels before falling back into the deep red.

The near-term bullish trend remained intact supported by Sunday’s new swing hi $61,699.0. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 to form a near-term bearish trend.

The Rest of the Pack

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

Bitcoin Cash SV (-5.50%), Crypto.com Coin (-6.15%), and Litecoin (-6.17%) led the way down.

Binance Coin (-3.45%), Cardano’s ADA (-2.18%) and Chainlink (-3.84%), Ethereum (-2.89%), Polkadot (-0.14%) and Ripple’s XRP (-0.79%) also saw red.

Early in the week, the crypto total market rose to a Monday high $1,828bn before falling to a Monday low $1,615bn. At the time of writing, the total market cap stood at $1,684bn.

Bitcoin’s dominance rose to a Monday high 63.02% before falling to a Tuesday low 61.78%. At the time of writing, Bitcoin’s dominance stood at 61.91%.

This Morning

At the time of writing, Bitcoin was up by 0.28% to $55,846.0. A mixed start to the day saw Bitcoin fall to an early morning low $55,332.7 before rising to a high $56,104.3.

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, Crypto.com Coin was up by 1.89% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $56,943 to bring the first major resistance level at $59,320 into play.

Support from the broader market would be needed for Bitcoin to break back through to $59,000 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $60,575.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $63,000. The second major resistance level sits at $62,952. Expect plenty of resistance at Sunday’s new swing hi $61,693.0, however.

Failure to move through the $56,943 pivot would bring the first major support level at $53,311 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $50,934.

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