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The Crypto Daily – Movers and Shakers – February 20th, 2021

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Bob Mason
·3 min read
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Bitcoin, BTC to USD, rallied by 8.34% on Friday. Reversing a 1.04% fall from Thursday, Bitcoin ended the day at $55,866.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $50,755.0 before making a move.

Finding support at the first major support level at $50,773, Bitcoin rallied to a late intraday high and a new swing hi $56,342.0.

Bitcoin broke through the first major resistance level at $52,449 and the second major resistance level at $53,332.

In spite of a late pullback, Bitcoin steered clear of the resistance levels to wrap up the day at $55,000 levels.

The near-term bullish trend remained intact, supported by the Wednesday’s new swing hi $52,577.0. For the bears, Bitcoin would need to slide through the 62% FIB of $23,995 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Friday.

Bitcoin Cash SV slid by 3.51% to buck the trend on the day.

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

Binance Coin surged by 70.55% to lead the way, with Crypto.com Coin rallying by 14.83%.

Chainlink (+7.03%), Litecoin (+4.41%), Polkadot (+3.36%), and Ripple’s XRP (+6.00%) also made relatively solid gains.

Cardano’s ADA (+1.33%), and Ethereum (+0.93%) trailed the front runners, however.

In the current week, the crypto total market cap fell to a Monday low $1,350.01bn before rising to a Friday high $1,753.75bn. At the time of writing, the total market cap stood at $1,667.96bn.

Bitcoin’s dominance rose to a Wednesday high 63.41% before falling to a Friday low 59.92%. At the time of writing, Bitcoin’s dominance stood at 62.12%.

This Morning

At the time of writing, Bitcoin was down by 0.98% to $55,317.0. A mixed start to the day saw Bitcoin rise to an early morning high $56,257.0 before falling to a low $55,200.0

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

Elsewhere, it was a mixed start to the day.

Polkadot bucked the trend early on, rising by 1.01%.

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

At the time of writing, Binance Coin was down by 6.54% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $54,321 to bring the first major resistance level at $57,887 into play.

Support from the broader market would be needed for Bitcoin to break out from Friday’s swing hi $56,342.0.

Barring an extended crypto rally, the first major resistance level and resistance at $58,000 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 $59,908.

Failure to avoid a fall through the $54,321 pivot would bring the first major support level at $52,300 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$50,000 levels. The second major support level sits at $48,734.

This article was originally posted on FX Empire

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