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The Crypto Daily – Movers and Shakers – March 5th, 2021

Bob Mason
·3-min read

Bitcoin, BTC to USD, slid by 4.01% on Thursday. Reversing a 3.91% gain from Wednesday, Bitcoin ended the day at $48,388.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $51,777.0 before hitting reverse.

Falling short of the first major resistance level at $52,649, Bitcoin slid to a late intraday low $47,603.0.

The sell-off saw Bitcoin fall through the first major support level at $48,175 before ending the day at $48,300 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 Thursday.

Ripple’s XRP rallied by 7.33% to buck the trend on the day.

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

Cardano’s ADA and Chainlink slid by 8.31% and by 7.37% respectively to lead the way down.

Binance Coin (-4.59%), Bitcoin Cash SV (-5.76%), and Litecoin (-3.75%) also saw relatively heavy losses.

Crypto.com Coin (-1.81%), Ethereum (-1.83%), and Polkadot (-1.04%) saw relatively modest losses on the day, however.

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 $1,422bn.

Bitcoin’s dominance fell to a Tuesday low 61.08% before rising to a Tuesday high 62.40%. At the time of writing, Bitcoin’s dominance stood at 61.50%.

This Morning

At the time of writing, Bitcoin was down by 2.54% to $47,161.0. A bearish start to the day saw Bitcoin slide from an early morning high $48,389.0 to a low $47,055.0.

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

Elsewhere, it was also a bearish start to the day for the majors

At the time of writing, Crypto.com Coin was down by 4.97% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $49,256 to bring the first major resistance level at $50,909 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 Thursday’s high $51,777.0 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 $53,430.

Failure to move through the $49,256 pivot would bring the first major support level at $46,735 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of the 23.6% FIB of $45,501 and the second major support level at $45,082.

This article was originally posted on FX Empire

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