Bitcoin – While the Bulls Hold onto $4,000, Tron Grabs the HeadlinesWhile Bitcoin looks to avoid sub-$4,000 levels, there are some winners early on in the year, with Tron trailblazing into number 8 spot by market cap.
It was a mixed day across the cryptomarket on Wednesday, with Bitcoin struggling through the 2nd week of the year alongside a number of the major cryptos.
For Bitcoin, a relatively mixed day ended with Bitcoin falling by 0.41% to sit in the red for a 3rd consecutive day. A bullish start to the day saw Bitcoin rise from a morning low $4,072.7 to a late morning intraday high $4,168.9 before tracking the broader market into the red.
Falling short of the first major resistance level at $4,191.87 and, more importantly, a return to $4,200 levels to give the bulls a run at $4,300, the reversal saw Bitcoin fall through the first major support level at $4,032.07 to an early afternoon intraday high $4,010.00.
A partial recovery through the latter part of the day saw Bitcoin avoid a pullback to sub-$4,000 levels that would have weighed heavily across the broader market, which has struggled for direction through the current week.
News of Japan’s FSA considering the introduction of crypto ETFs provided little support for a market that has seen plenty of red this week, the exception to the downward bias continuing to be Tron that has, not only managed to surpass Bitcoin ABC SV by market cap this week, but also catch up with Tether, another day of solid gains likely to see Tron take the number 8 spot and begin eyeing Litecoin and Stellar’s Lumen.
It’s been a spectacular start to the year for Tron, with close to double digit gains on Wednesday taking Tron to a 50% gain through the first 9-days of the year and an even more impressive 159% since late November’s swing lo $0.0111.
The trend bucking moves that have dwarfed Litecoin’s hyped 30% rally through the start of the year comes on news of DApps moving across to the Tron platform from Ethereum and the launch of BitTorrent, a file sharing platform that was taken over by Tron in 2018.
With Ethereum’s rally now having stalled, despite retaking the number 2 spot amidst Ripple XRP’s struggles, focus will be on whether Tron and Litecoin can continue to move ahead, supported by product differentiation, the likelihood being a pullback once the momentum fades.
At the time of writing, Bitcoin was up 0.72% to $4,112.5, a bullish start to the day seeing Bitcoin rise from a morning low $4,083.1 to a morning high $4,119.8 before easing back, the major support and resistance levels left untested early on.
For the Bitcoin bulls, $4,300 levels remains the near-term target, with sub-$4,000 support having prevented a pullback to sub-$4,000 levels this week, in spite of 3 consecutive days in the red.
Holding onto $4,100 levels through the morning would support a run at the first major resistance level at $4,164.80, with support from the broader market being needed for a breakout to $4,200 levels later in the day.
Failure to hold onto $4,100 levels will likely see Bitcoin pullback through the morning low $4,083.1 to call on support at the first major support level at $4,005.90 before any recovery, sub-$4,000 likely to be avoided on the day.
Elsewhere in the cryptomarket, Tron continued to impress, breaking through to $0.03 levels with TRX up 11.57% to $0.032 at the time of writing, the morning gain seeing Tron knock Tether off the number 8 spot, with Litecoin Tron’s next target.
Joining the crypto party was Ripple’s XRP this morning, with a bounce through to $0.40 levels coming off the back of news of a new partnership in Australia, the Ripple team continuing on the road to success, suggesting more upside for Ripple’s XRP down the track.