The Crypto Daily – Movers and Shakers – December 23rd, 2020

By:

Updated: Dec 23, 2020, 01:00 UTC

It's a mixed start to the day for the majors. A Bitcoin move through to $24,000 levels would support a broad-based crypto rally.

The Rest of the Pack

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

Bitcoin Cash SV (-2.29%), Crypto.com Coin (-2.11%), and Ripple’s XRP (-13.20%) saw red to buck the trend on the day.

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

Litecoin rallied by 9.40% to lead the way.

Binance Coin (+4.56%), Chainlink (+3.95%), and Ethereum (+4.73%) also found strong support.

Cardano’s ADA (+2.36%), and Polkadot (+0.85%) trailed the front runners on the day.

At the start of the week, the crypto total market cap rose to a Monday high $671.47bn before sliding to a low $601.73bn. At the time of writing, the total market cap stood at $648.64bn.

Bitcoin’s dominance rose from a Monday low 66.74% to a Tuesday high of 68.36%. At the time of writing, Bitcoin’s dominance stood at 68.18%.

This Morning

At the time of writing, Bitcoin was down by 0.13% to $23,774.0. A mixed start to the day saw Bitcoin fall to an early morning low $23,691.0 before rising to a high $23,853.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (+1.76%), Bitcoin Cash SV (+2.62%), Cardano’s ADA (+0.18%), and Polkadot (+0.28%) found early support.

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

At the time of writing, Ripple’s XRP was down by 5.42% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $23,322 to bring the first major resistance level at $24,296 into play.

Support from the broader market would be needed for Bitcoin to break back through to $24,000 levels.

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

In the event of another extended crypto rally, Bitcoin could test resistance at $24,500 before any pullback. The second major resistance level sits at $24,786.

Failure to avoid a fall through the $23,322 pivot would bring the first major support level at $22,832 into play.

Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$22,000 levels. The second major support level sits at $21,858.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.