The Crypto Daily – Movers and Shakers – December 25th, 2020

Bitcoin, BTC to USD, rose by 2.31% on Thursday. Reversing most of Wednesday’s 2.50% fall, Bitcoin ended the day at $23,743.5.

It was another mixed start to the day. Bitcoin fell to an early morning intraday low $22,701.0 before making a move.

Steering clear of the first major support level at $22,527, Bitcoin rallied to a final hour intraday high $23,790.0.

Falling short of the first major resistance level at $24,016, Bitcoin eased back to end the day at $23,740 levels.

The near-term bullish trend remained intact, supported by the latest breakthrough to $24,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $11,733 to form a near-term bearish trend.

The Rest of the Pack

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

Crypto.com Coin slid by 5.12% to buck the trend on the day.

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

Ripple’s XRP surged by 29.65% to lead the way.

Cardano’s ADA (+11.78%) and Litecoin (+8.53%) also found strong support.

Binance Coin (+4.15%), Bitcoin Cash SV (+3.85%), Chainlink (+5.17%), Ethereum (+4.60%), and Polkadot (+6.11%) trailed the front runners, however.

In the current week, the crypto total market cap rose to a Monday high $671.50bn before sliding to a Wednesday low $590.85bn. At the time of writing, the total market cap stood at $635.77bn.

Bitcoin’s dominance rose from a Monday low 66.74% to a Wednesday high of 71.14%. At the time of writing, Bitcoin’s dominance stood at 69.01%.

This Morning

At the time of writing, Bitcoin was down 0.39% to $23,651.0. A mixed start to the day saw Bitcoin rise to an early morning high $23,831.0 before falling to a low $23,567.0.

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

Elsewhere, it was another mixed start to the day.

Bitcoin Cash SV (+0.67%), Cardano’s ADA (+0.94%), Crypto.com Coin (+3.96%), and Polkadot (+0.42%) found early support to buck the trend early on.

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

At the time of writing, Ripple’s XRP was down by 0.72% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $23,412 to bring the first major resistance level at $24,122 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 $24,501.

Failure to avoid a fall through the $23,412 pivot would bring the first major support level at $23,033 into play.

Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$23,000 levels. The second major support level sits at $22,323.