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

It’s a mixed start to the day for the majors. A Bitcoin return to $57,000 levels should support the broader crypto market.
Ripple, Dash coin, Bitcoin, Monero and Ethereum

To view this video content please accept our cookie policy.

Bitcoin, BTC to USD, slid by 5.70% on Monday. Following a 1.20% decline on Sunday, Bitcoin ended the day at $54,070.0.

A bearish start to the day saw Bitcoin slide to an early morning low $56,345.0.

Steering clear of the first major support level at $55,621, Bitcoin rallied to a late morning intraday high $58,525.0.

Falling short of the first major resistance level at $58,848, Bitcoin tumbled to a late intraday low $53,700.0.

The extended sell-off saw Bitcoin fall through the first major support level at $55,621 and the second major support level at $53,875.

Steering clear of sub-$53,500 levels, Bitcoin broke back through the second major support level to end the day at $54,000 levels.

The near-term bullish trend remained intact in spite of the latest pullback. 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 mixed day on Monday.

Ripple’s XRP rallied by 5.26% to lead the way. Crypto.com Coin (+3.33%) and Polkadot (+1.74%) also bucked the trend on the day.

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

Cardano’s ADA (-7.18%), Chainlink (-6.64%), Ethereum (-5.78%), and Litecoin (+5.07%) led the way down.

Binance Coin  (-3.71%) and Bitcoin Cash SV (-1.69%) also joined Bitcoin in the red.

In the current week, the crypto total market rose to a Monday high $1,802bn before sliding to a low $1,626bn. At the time of writing, the total market cap stood at $1,672bn.

Bitcoin’s dominance rose to a Monday high 61.63% before falling to a low 60.54%. At the time of writing, Bitcoin’s dominance stood at 60.94%.

This Morning

At the time of writing, Bitcoin was up by 0.95% to $54,581.0. A mixed start to the day saw Bitcoin fall to an early morning low $53,778.0 before rising to a high $54,744.0.

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

Elsewhere, it was a mixed start to the day.

Crypyto.com Coin was down by 4.57% early on to buck the trend.

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

At the time of writing, Ripple’s XRP was up by 2.59% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $55,432 to bring the first major resistance level at $57,163 into play.

Support from the broader market would be needed for Bitcoin to break back through to $57,000 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $58,525.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the swing hi $61,699.0. The second major resistance level sits at $60,257.

Failure to move through the $55,432 pivot would bring the first major support level at $52,338 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$50,000 levels. The second major support level at $50,607 should limit the downside.

Most Recent

Top Articles