The Crypto Daily – Movers and Shakers – February 24th, 2021

Bitcoin, BTC to USD, slid by 9.61% on Tuesday. Following on from a 5.73% decline on Monday, Bitcoin ended the day at $48,874.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $54,138.0 before hitting reverse.

Falling short of the first major resistance level at $58,272, Bitcoin tumbled to a late morning intraday low $45,000.

The extended sell-off saw Bitcoin fall through the first major support level at $49,078 and the 23.6% FIB of $45,501.

Steering clear of sub-$45,000 support levels, Bitcoin briefly revisited $49,500 before a 2^nd pullback.

Bitcoin broke back through the first major support level and the 23.6% FIB before a 2^nd slide through the 23.6% FIB of $45,501.

Finding late support, however, Bitcoin broke back through the 23.6% FIB to end the day at $48,800 levels.

The near-term bullish trend remained intact in spite of the current week 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 Tuesday.

Polkadot rose by 1.48% to buck the trend on the day.

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

Crypto.com Coin tumbled by 34.61% to lead the way down.

Bitcoin Cash SV (-15.14%), Binance Coin (-13.52%), Cardano’s ADA (-12.47%), Chainlink (-17.54%), Ethereum (-11.27%), Litecoin (-14.71%), and Ripple’s XRP (-15.90%) all saw heavy losses.

Early in the current week, the crypto total market cap rose to a Monday high $1,747.86bn before sliding to a Tuesday low $1,290.41bn. At the time of writing, the total market cap stood at $1,444.92bn.

Bitcoin’s dominance fell to a Monday low 61.37% before rising to a Tuesday high 64.77%. At the time of writing, Bitcoin’s dominance stood at 62.73%.

This Morning

At the time of writing, Bitcoin was down by 0.71% to $48,527.0. A mixed start to the day saw Bitcoin rise to an early morning high $49,087.0 before falling to a low $48,465.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV and Crypto.com Coin were up by 1.62% and by 2.92% to buck the trend early on.

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

At the time of writing, Binance Coin was down by 2.23% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $49,337 to bring the first major resistance level at $53,675 into play.

Support from the broader market would be needed for Bitcoin to break back through to $50,000 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $54,138.0 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 $58,475.

Failure to move through the $49,337 pivot would bring the 23.6% FIB of $45,501 and the first major support level at $44,537 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $40,199.