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

It’s a mixed start to the day for the majors. A Bitcoin move back through to $56,000 levels should settle the broader market.
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Bitcoin, BTC to USD, fell by 3.72% on Wednesday. Reversing a 0.49% gain from Tuesday, Bitcoin ended the day at $52,328.0.

A mixed start to the day saw Bitcoin fall to an early morning low $53,580.0 before making a move.

Steering clear of the major support levels, Bitcoin rallied to an early afternoon intraday high $57,212.0.

Bitcoin broke through the first major resistance level at $55,735 before sliding to a late intraday low $51,522.0.

The extended sell-off saw Bitcoin fall through the first major support level at $52,825 and the second major support level at $51,313.

Steering clear of sub-$50,000 levels, Bitcoin broke back through the second major resistance level to end the day at $52,300 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 Wednesday.

Crypto.com Coin rallied by 13.41% to buck the trend on the day.

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

Ripple’s XRP tumbled by 12.77% to lead the way down, with Chainlink and Polkadot sliding by 7.17% and by 8.20% respectively.

Binance Coin  (-2.79%), Bitcoin Cash SV (-5.14%), Cardano’s ADA (-4.33%), Ethereum (-5.19%), and Litecoin (-5.33%) 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 Wednesday low $1,549bn. At the time of writing, the total market cap stood at $1,592bn.

Bitcoin’s dominance fell to a Tuesday low 60.20% before rising to a Wednesday high 62.24%. At the time of writing, Bitcoin’s dominance stood at 61.49%.

This Morning

At the time of writing, Bitcoin was up by 0.04% to $52,349.0. A mixed start to the day saw Bitcoin fall to an early morning low $52,046.0 before rising to a high $52,810.2.

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

Elsewhere, it was a mixed start to the day.

Chainlink (+0.60%), Ethereum (+0.15%), Litecoin (+0.23%), and Ripple’s XRP (+0.95%) joined Bitcoin in the green.

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

At the time of writing, Crypto.com Coin was down by 8.19% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $53,687 to bring the first major resistance level at $55,853 into play.

Support from the broader market would be needed for Bitcoin to break back through to $55,000 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $56,000 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 $59,377.

Failure to move through the $53,687 pivot would bring the first major support level at $50,163 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the 23.6% FIB of $48,082. The second major support level sits at $47,997.

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