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

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Bob Mason
·3 min read
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Bitcoin, BTC to USD, fell by 0.07% on Saturday. Following a 1.77% decline on Friday, Bitcoin ended the day at $46,238.0.

A mixed start to the day saw Bitcoin fall to an early morning low $46,173.0 before making a move.

In spite of the early pullback, Bitcoin avoided the 23.6% FIB of $45,501 and the first major support level at $44,083.

Finding early morning support, Bitcoin rose to a mid-morning intraday high $48,407.0 before hitting reverse.

Coming within range of the first major resistance level at $48,497, Bitcoin slid back to sub-$47,000 levels.

After a range-bound afternoon and a return to $47,000 levels, a bearish end to the day left Bitcoin in the red.

A late sell-off saw Bitcoin fall to an intraday low $45,511.0. Bitcoin fell through the 23.6% FIB of $45,501 before wrapping up the day at $46,200 levels.

The near-term bullish trend remained intact in spite of the current week reversal. 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.

Crypto.com Coin fell by 5.55% to join Bitcoin in the red.

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

Polkadot rallied by 6.73% to lead the way, with Cardano’s ADA (+5.64%) and Chainlink (+4.16%) also finding strong support.

Binance Coin (+1.53%), Ethereum (+1.07%), Litecoin (+1.02%), and Ripple’s XRP (+1.82%) saw relatively modest gains on the day.

Bitcoin Cash SV ended the day flat.

In the current week, the crypto total market cap rose to a Monday high $1,748.98bn before sliding to a Tuesday low $1,291.06bn. At the time of writing, the total market cap stood at $1,394.46bn.

Bitcoin’s dominance rose to a Tuesday high 64.74% before falling to a Saturday low 60.94%. At the time of writing, Bitcoin’s dominance stood at 61.57%.

This Morning

At the time of writing, Bitcoin was down by 0.32% to $46,089.0. A mixed start to the day saw Bitcoin fall to an early morning low $45,662.0 before rising to a high $46,425.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (+0.02%) and Polkadot (+0.12%) found early support.

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

At the time of writing, Crypto.com Coin was down by 1.27% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $46,582 to bring the first major resistance level at $48,063 into play.

Support from the broader market would be needed for Bitcoin to break back through to $48,000 levels.

Barring an extended crypto rally, the first major resistance level and Saturday’s high $48,407 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $50,000 before any pullback. The second major resistance level sits at $49,889.

Failure to move through the $46,582 pivot would bring the 23.6% FIB of $45,501 and the first major support level at $44,756 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$43,000 levels. The second major support level at $43,275 should limit the downside.

This article was originally posted on FX Empire

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