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

By:
Bob Mason
Updated: Feb 24, 2021, 01:10 GMT+00:00

It's another bearish start to the day for the broader market. Bitcoin would need to take a run at $50,000 levels to settle the market.

Golden bitcoin coin on keyboard

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 2nd pullback.

Bitcoin broke back through the first major support level and the 23.6% FIB before a 2nd 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.

BTCUSD 240221 Hourly Chart

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.

About the Author

Bob Masonauthor

With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.

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