The Crypto Daily – The Movers and Shakers – March 4th, 2021

It’s a mixed start to the day for the majors. A Bitcoin move back through to $52,000 levels should support a broad-based crypto rally.
Bitcoin and Litecoin over dollar banknotes.

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Bitcoin, BTC to USD, rose by 3.91% on Wednesday. Reversing a 2.11% fall from Tuesday, Bitcoin ended the day at $50,408.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $48,183.4 before making a move.

Steering clear of the first major support level at $47,080, Bitcoin rallied to an early afternoon intraday high $52,567.0.

Bitcoin broke through the first major resistance level at $50,070 and the second major resistance level at $51,604.

An afternoon pullback, however, saw Bitcoin fall back through the second major resistance level to end the day at $50,400 levels.

The near-term bullish trend remained intact in spite of latest pullback. 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.

Cardano’s ADA (-0.93%) and Polkadot (-1.34%) saw red to buck the trend on the day.

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

Ethereum rallied by 5.34% to lead the day, with Chainlink (+4.83%) and Litecoin (+4.65%) close behind.

Binance Coin  (+0.26%), Bitcoin Cash SV (+1.06%), Crypto.com Coin (+1.06%), and Ripple’s XRP (+2.97%) trailed the front runners, however.

In the current week, the crypto total market fell to a Monday low $1,345.39bn before rising to a Wednesday high $1,600.00bn. At the time of writing, the total market cap stood at $1,515.63bn.

Bitcoin’s dominance fell to a Tuesday low 61.08% before rising to a Tuesday high 62.37%. At the time of writing, Bitcoin’s dominance stood at 61.94%.

This Morning

At the time of writing, Bitcoin was down by 0.10% to $50,357.1. A mixed start to the day saw Bitcoin rise to an early morning high $50,516.0 before falling to a low $50,000.0.

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

Elsewhere, it was a mixed start to the day for the majors.

Binance Coin (-0.38%), Chainlink (-0.15%), and Ripple’s XRP (-0.66%) joined Bitcoin in the red.

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

At the time of writing, Polkadot was up by 2.90% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $50,416 to bring the first major resistance level at $52,649 into play.

Support from the broader market would be needed for Bitcoin to break back through to $52,000 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $53,000 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 $54,890.

Failure to move back through the $50,416 pivot would bring the first major support level at $48,175 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $45,943 and the 23.6% FIB of $45,501.

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