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The Crypto Daily – Movers and Shakers – December 26th, 2020

By:
Bob Mason
Updated: Dec 26, 2020, 01:20 UTC

It's a mixed start to the day for the crypto market. A Bitcoin move through to $25,000 levels would support the pack.

Cryptomania

In this article:

Bitcoin, BTC to USD, rallied by 4.11% on Friday. Following on from a 2.31% gain on Thursday, Bitcoin ended the day at $24,720.1.

It was another mixed start to the day. Bitcoin fell to an early morning low $23,420.0 before making a move.

Steering clear of the first major support level at $23,033, Bitcoin rallied to a late morning high $24,722.0.

Bitcoin broke through the first major resistance level at $24,122 and the second major resistance level at $24,501 before hitting reverse.

The reversal saw Bitcoin slide to an early afternoon intraday low $22,855.

Bitcoin fell through the first major support level at $23,033 before hitting a late intraday high and a new swing hi $24,802.0.

The rebound saw Bitcoin break back through the first and second major resistance levels to wrap up the day at $24,700 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 $11,946 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.

Chainlink (-0.29%), Polkadot (-2.20%), and Ripple’s XRP (-5.94%) saw red to buck the trend on the day.

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

Litecoin rallied by 14.84% to lead the way.

Bitcoin Cash SV (+2.96%), Cardano’s ADA (+2.99%), and Crypto.com Coin (+3.96%) also found relatively strong support.

Binance Coin (+2.13%) and Ethereum (+2.37%) 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 $657.72bn.

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 69.49%.

This Morning

At the time of writing, Bitcoin was down by 0.51% to $24,594.0. A mixed start to the day saw Bitcoin rise to an early morning high $24,775.0 before falling to a low $24,550.0.

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

Elsewhere, it was a mixed start to the day.

Ripple’s XRP (-2.02%), Cardano’s ADA (-0.29%), and Litecoin (-0.12%) joined Bitcoin in the red early on.

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

At the time of writing, Crypto.com Coin was up by 2.42% to lead the way.

BTCUSD 261220 Monthly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $24,126 to bring the first major resistance level at $25,396 into play.

Support from the broader market would be needed for Bitcoin to break out from Friday’s high $24,802.0.

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 $26,000 before any pullback. The second major resistance level sits at $26,073.

Failure to avoid a fall through the $24,126 pivot would bring the first major support level at $23,449 into play.

Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$23,000 levels. The second major support level sits at $22,179.

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.

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