The Crypto Daily – Mover and Shaker – March 3rd, 2021

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The Crypto Daily - Mover and Shaker - March 3rd, 2021

Bitcoin, BTC to USD, fell 2.11% on Tuesday. Bitcoin partially reversed a 9.49% rally from Monday, ending the day at $ 48,536.0.

On a bullish start to the day, Bitcoin rebounded to an early morning intraday high of $ 50,148.0 before hitting reverse.

Bitcoin fell well short of its first major resistance level at $ 51,182, falling to a late intraday low of $ 47,158.0.

However, Bitcoin stayed away from the first major level of support at $ 46,539, finding that support came too late to end the day at $ 48,500.

The short-term uptrend remained intact despite last week’s reversal. For the bears, Bitcoin would have to slide through the 62% FIB of $ 24,751 to form a short-term bearish trend.

The rest of the pack

Tuesday was a mixed day for the other majors.

Bitcoin Cash SV and Polkadot rose 3.70% and 3.83% respectively, leading the way.

Chainlink (+ 2.81%), Crypto.com Coin (+ 2.16%) and Litecoin (+ 1.80%) also found support to buck the trend of the day.

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

Binance Coin (-5.87%), Cardanos ADA (-5.64%) and Ethereum (-5.31%) went down.

Ripple’s XRP (-2.24%) saw a relatively small loss that day.

Earlier this week, the overall crypto market fell to a Monday low of $ 1,345.39 billion before rising to a Tuesday high of $ 1,533.73 billion. At the time of writing, total market cap was $ 1,436.62 billion.

Bitcoin’s dominance fell to a Tuesday low of 61.08% before rising to a Tuesday high of 62.40%. At the time of writing, Bitcoin was dominant at 61.89%.

This morning

At the time of writing, Bitcoin was up 0.18% to $ 48,625.0. On a mixed start to the day, Bitcoin fell to an early morning low of $ 48,183.4 before rising to a high of $ 48,855.0.

Bitcoin left key support and resistance levels untested early on.

Elsewhere it was a mixed start to the day.

Litecoin and Ripple’s XRP fell 0.04% and 0.46%, respectively, to defy the trend early on.

For the rest of the majors, however, it’s been a bullish start.

At the time of writing, polkadot had risen 1.95% to take the lead.

The story goes on

For the Bitcoin Day Ahead

Bitcoin would have to avoid relapsing through the pivot level at $ 48,614 to bring the first major resistance level at $ 50,070 into play.

In order for Bitcoin to get back to $ 50,000 levels, it would require broader market support.

Aside from an extended crypto rally, the first major resistance level and $ 50,148.0 high on Tuesday would likely limit an uptrend.

In the event of an extended crypto rally, Bitcoin could test resistance before pulling back at $ 52,000. The second major resistance level is at $ 51,604.

Unless a relapse is avoided by the $ 48,614 pivot, the first major support level of $ 47,080 is brought into play.

Subject to an extended sell-off that day, Bitcoin should avoid the second major support level at $ 45,624 and the 23.6% FIB of $ 45,501.

This article was originally published on FX Empire

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