The Crypto Daily – Movers and Shakers – December 27th, 2020

Bitcoin, BTC to USD, rallied by 6.85% on Saturday. Following on from a 4.11% gain on Friday, Bitcoin ended the day at $26,413.0.

It was another mixed start to the day. Bitcoin fell to an early morning intraday low $24,489.0 before making a move.

Steering clear of the first major support level at $23,449, Bitcoin rallied to a late intraday high and a new swing hi $26,723.0.

Bitcoin broke through the first major resistance level at $25,396 and the second major resistance level at $26,073.

While easing back, Bitcoin avoided a fall back through the second major resistance level, holding onto the $26,000 handle through to the day end.

The near-term bullish trend remained intact, supported by the latest breakthrough to $26,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $12,680 to form a near-term bearish trend.

The Rest of the Pack

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

Chainlink (-4.92%), Polkadot (-6.96%), and Ripple’s XRP (-7.60%) saw red to buck the trend on the day once more.

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

Crypto.com Coin rose by 2.94% to lead the way.

Binance Coin (+1.28%), Ethereum (+1.56%), and Litecoin (+1.48%) also found relatively strong support.

Bitcoin Cash SV (+0.02%) and Cardano’s ADA (+0.57%) trailed the front runners, however.

In the current week, the crypto total market cap slid to a Wednesday low $590.85bn before surging to a Saturday high $715.51bn. At the time of writing, the total market cap stood at $699.49bn.

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 71.03%.

This Morning

At the time of writing, Bitcoin was up by 1.07% to $26,696.0. A bullish start to the day saw Bitcoin rise from an early morning low $26,422.0 to a high $26,710.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.48%), Chainlink (-0.85%), Polkadot (-0.43%), and Ripple’s XRP (-0.76%) saw red early on.

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

At the time of writing, Litecoin was up by 2.38% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $25,875 to bring the first major resistance level at $27,261 into play.

Support from the broader market would be needed for Bitcoin to break out from Saturday’s high $26,723.0.

Barring an extended crypto rally, the first major resistance level and resistance at $27,500 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $28,000 before any pullback. The second major resistance level sits at $28,109.

Failure to avoid a fall through the $25,875 pivot would bring the first major support level at $25,027 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$25,000 levels. The second major support level sits at $23,641.