The Crypto Daily – Movers and Shakers – March 2nd, 2021

It’s a bullish start to the day for the broader market. A Bitcoin move through to $51,000 would signal a breakout day for the pack.
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Bitcoin, BTC to USD, rallied by 9.49% on Monday. Reversing a 1.95% fall and ending a run of 4 days in the red, Bitcoin ended the day at $49,580.0.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $45,100.0.

Steering clear of the first major support level at $43,113, Bitcoin rallied to a late afternoon high $49,436.0.

Bitcoin broke through the first major resistance level at $46,945 and the second major resistance level at $48,590.

More significantly, Bitcoin also broke back through the 23.6% FIB of $45,501.

A late pullback saw Bitcoin briefly fall back through the second major resistance level before striking a final hour intraday high $49,743.0.

Bitcoin broke back through the second major resistance level to wrap up the day at $49,500 levels.

Resistance at $50,000 pegged Bitcoin back on the day.

The near-term bullish trend remained intact in spite of last week’s 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 Monday.

Cardano’s ADA (-1.39%) and Polkadot (-4.02%) saw red to buck the trend on the day.

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

Binance Coin was back on the move, surging by 21.07% to lead the way.

Chainlink (+12.04%), Ethereum (+10.55%), Crypto.com Coin (+15.86%) also found strong support.

Bitcoin Cash SV (+3.70%), Litecoin (+6.30%), and Ripple’s XRP (+7.04%) trailed the front runners.

Early in the week, the crypto total market cap rose from a Monday low $1,345.39bn to a Monday high $1,509.36bn. At the time of writing, the total market cap stood at $1,505.74bn.

Bitcoin’s dominance fell to a Monday low 61.2% before rising to a Monday high 62.38%. At the time of writing, Bitcoin’s dominance stood at 61.83%.

This Morning

At the time of writing, Bitcoin was up by 0.76% to $49,958.0. A mixed start to the day saw Bitcoin fall to an early morning low $49,513.6 before rising to a high $50,148.0.

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

Elsewhere, it was a mixed start to the day.

Cardano’s ADA was down by 2.07% 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 2.59% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $48,141 to bring the first major resistance level at $51,182 into play.

Support from the broader market would be needed for Bitcoin to break out from Monday’s high $49,436.0.

Barring an extended crypto rally, the first major resistance level 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 $52,784.

Failure to avoid a fall through the $48,141 pivot would bring the first major support level at $46,539 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $43,498. The 23.6% FIB of $45,501 should limit the downside.

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