The Crypto Daily – Movers and Shakers – December 19th, 2020

Bitcoin, BTC to USD, rose by 1.46% on Friday. Following on from a 6.89% rally on Thursday, Bitcoin ended the day at $23,124.0.

It was a mixed start to the day. Bitcoin slipped to an early morning low $22,466.0 before making a move.

Steering clear of the first major support level at $21,445, Bitcoin rose to a late morning intraday high $23,287.0.

Falling short of the first major resistance level at $23,878, however, Bitcoin slid back to a mid-afternoon intraday low $22,362.0.

Steering clear of the major support levels once more, Bitcoin moved back through to $23,000 levels to end the day in the green.

The near-term bullish trend remained intact, supported by the breakthrough to $23,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $11,500 to form a near-term bearish trend.

The Rest of the Pack

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

Litecoin rallied by 8.31% to lead the way.

Binance Coin (+2.60%), Cardano’s ADA (+1.13%), Chainlink (+0.42%), Ethereum (+1.77%), and Ripple’s XRP (+1.29%) also joined Bitcoin in the green.

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

Bitcoin Cash SV (-0.50%), Crypto.com Coin (-5.52%) and Polkadot (-1.00%) saw red on the day

For the current week, the crypto total market cap fell to a Monday low $545.05bn before rising to a Thursday high $679.01bn. At the time of writing, the total market cap stood at $643.64bn.

Bitcoin’s dominance fell to a Monday low 64.21% before rising to a Friday high 66.72%. At the time of writing, Bitcoin’s dominance stood at 66.38%.

This Morning

At the time of writing, Bitcoin was down by 0.71% to $22,960.0. A mixed start to the day saw Bitcoin rise to an early morning high $23,188.0 before falling to a low $22,952.0

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

Elsewhere, it was a mixed start to the day.

Binance Coin and Polkadot bucked the trend early on, with gains of 0.53% and 0.17% respectively.

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

At the time of writing, Ripple’s XRP was down by 1.58% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $22,924 to bring the first major resistance level at $23,487 into play.

Support from the broader market would be needed for Bitcoin to break out from Friday’s high $23,287.0.

Barring an extended crypto rally, the first major resistance level and resistance at $23,500 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $24,000 before any pullback. The second major resistance level sits at $23,849.

Failure to avoid a fall through the $22,924 pivot would bring the first major support level at $22,562 into play.

Barring an extended crypto sell-off, Bitcoin should steer well clear of sub-$22,000 levels. The second major support level sits at $21,999.