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The Crypto Daily – Movers and Shakers – March 28th, 2021

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1 year ago

It’s a mixed start to the day for the majors. A Bitcoin move through to $57,000 levels should support the broader market, however.

Bob Mason

17 hours ago

Bitcoin, BTC to USD, rose by 1.64% on Saturday. Consolidating Friday’s 7.08% rally, Bitcoin ended the day at $55.886.0.

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A mixed start to the day saw Bitcoin fall to a mid-day intraday low $54,010.0 before making a move.

Steering clear of the first major support level at $52,529, Bitcoin rallied to a late intraday high $56,655.0.

Bitcoin broke through the first major resistance level at $56,229 before falling back to sub-$56,000 levels.

The near-term bullish trend remained intact in spite of the recent pullback. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 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.

Cardano’s ADA and Polkadot fell by 3.08% and by 3.05% to lead the way down.

Chainlink (-2.03%), Coin (-0.59%), and Ripple’s XRP (-3.42%) also saw red on the day.

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

Binance Coin  rallied by 5.49% to lead the way.

Bitcoin Cash SV (+2.77%), Ethereum (+0.82%), and Litecoin (+0.23%) also joined Bitcoin in the green.

In the current week, the crypto total market rose to a Monday high $1,802bn before sliding to a Thursday low $1,517bn. At the time of writing, the total market cap stood at $1,707bn.

Bitcoin’s dominance rose to a Wednesday high 62.24% before falling to a Friday low 60.17%. At the time of writing, Bitcoin’s dominance stood at 61.08%.

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This Morning

At the time of writing, Bitcoin was up by 0.02% to $55,895.0. A mixed start to the day saw Bitcoin fall to an early morning low $55,859.0 before rising to a high $56,029.0

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

Elsewhere, it was a mixed start to the day.

Binance Coin was up by 0.12% to join Bitcoin in the green.

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

At the time of writing, Ripple’s XRP was down by 0.67% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $55,517 to bring the first major resistance level at $57,024 into play.

Support from the broader market would be needed for Bitcoin to break out from Saturday’s high $56,655.0.

Barring an extended crypto rally, the first major resistance level and resistance at $57,500 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $60,000 before any pullback. The second major resistance level sits at $58,162.

Failure to avoid a fall through the $55,517 pivot would bring the first major support level at $54,379 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $52,872.

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