The Crypto Daily – Movers and Shakers – March 7th, 2021

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Updated: Mar 7, 2021, 01:09 GMT+00:00

It's a mixed start to the day for the majors. The Bitcoin bulls will be eyeing a return to $50,000 to bring $55,000 back into play.

E-coins on tablet computer with charts on screen

Bitcoin, BTC to USD, eked out a 0.07% gain on Saturday. Following on from a 0.91% gain on Friday, Bitcoin ended the day at $48,860.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $49,238.0 before hitting reverse.

Falling short of the first major resistance level at $50,074, Bitcoin fell to an early afternoon intraday low $47,159.0.

Steering clear of the first major support level at $47,002, Bitcoin revisited $49,000 levels before easing back.

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 Saturday.

Ethereum rallied by 8.05% to lead the way.

Binance Coin (+0.48%), Chainlink (+1.10%), Litecoin (+1.38%), and Ripple’s XRP (+1.79%) also joined Bitcoin in the green.

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

Bitcoin Cash SV (-1.69%), Cardano’s ADA (-2.53%), Crypto.com Coin (-0.18%), and Polkadot (-0.81%) saw red on the day.

In the current week, the crypto total market fell to a Monday low $1,347bn before rising to a Wednesday high $1,600bn. At the time of writing, the total market cap stood at $1,505bn.

Bitcoin’s dominance rose to a Tuesday high 62.40% before falling to a Friday low 60.44%. At the time of writing, Bitcoin’s dominance stood at 60.93%.

This Morning

At the time of writing, Bitcoin was up by 0.72% to $49,213.0. A bullish start to the day saw Bitcoin rise from an early morning low $48,895.0 to a high $49,275.0.

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 0.47% to buck the trend early on.

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

At the time of writing, Crypto.com Coin was up by 4.22% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $48,419 to bring the first major resistance level at $49,679 into play.

Support from the broader market would be needed for Bitcoin to break back through to $49,500 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $50,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $51,000 before any pullback. The second major resistance level sits at $50,498.

Failure to avoid a fall through the $48,419 pivot would bring the first major support level at $47,600 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of the 23.6% FIB of $45,50. The second major support level at $46,340 should limit the downside.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.