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The Crypto Daily – Movers and Shakers – March 17th, 2021

Bitcoin, BTC to USD, rose by 2.24% on Tuesday. Partially reversing a 5.62% slide from Monday, Bitcoin ended the day at $56,924.0.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $53,346.0 before making a move.

Steering clear of the first major support level at $53,311, Bitcoin rose to a late intraday high $56,925.0.

In spite of the late rally, Bitcoin fell well short of the first major resistance level at $59,320.

The near-term bullish trend remained intact supported by Sunday’s new swing hi $61,699.0. 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 bullish day on Tuesday.

Cardano’s ADA surged by 21.26% to lead the way.

Bitcoin Cash SV (+5.88%), Crypto.com Coin (+10.06%), and Ripple’s XRP (+5.48%) also made solid gains.

Binance Coin (+1.65%), Chainlink (+1.69%), Ethereum (+0.67%), Litecoin (+0.49%), and Polkadot (+0.81%) trailed the front runners, however.

Early in the week, the crypto total market rose to a Monday high $1,828bn before falling to a Tuesday low $1,593bn. At the time of writing, the total market cap stood at $1,704bn.

Bitcoin’s dominance rose to a Monday high 63.02% before falling to a Tuesday low 60.84%. At the time of writing, Bitcoin’s dominance stood at 61.89%.

This Morning

At the time of writing, Bitcoin was down by 0.70% to $56,527.0. A mixed start to the day saw Bitcoin rise to an early morning high $57,144.0 before falling to a low $56,380.0.

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

Elsewhere, it was a mixed start to the day.

Polkadot and Ripple’s XRP were up by 0.31% and by 0.14% to buck the trend early on.

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

At the time of writing, Cardano’s ADA was down by 2.77% to lead the way down.

BTCUSD 170321 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $55,732 to bring the first major resistance level at $58,117 into play.

Support from the broader market would be needed for Bitcoin to break back through to $58,000 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $60,000. The second major resistance level sits at $59,311.

Failure to avoid a fall through the $55,732 pivot would bring the first major support level at $54,538 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$53,000 levels. The second major support level sits at $52,153.