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The Crypto Daily – Movers and Shakers – January 15th, 2021
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It's a mixed start to the day for the majors. A Bitcoin move back through to $40,000 would support the pack.
In this article:
Bitcoin, BTC to USD, rose by 4.73% on Thursday. Following on from a 9.54% rally on Wednesday, Bitcoin ended the day at $39,136.0.
It was a mixed start to the day. Bitcoin fell to an early morning low $36,666.0 before making a move.
Steering clear of the first major support level at $33,937, Bitcoin rallied to an early afternoon intraday high $40,001.0.
Bitcoin broke through the first major resistance level at $39,277 to test resistance at $40,000 before easing back.
A late pullback saw Bitcoin fall back through the first major resistance level to wrap up the day at $39,130 levels.
The near-term bullish trend remained intact, supported by the latest visit to $40,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $18,504 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.
Cardano’s ADA (-0.11%), and Ripple’s XRP (-3.29%) saw red to buck the trend on the day.
It was a bullish day for the rest of the majors, however.
Polkadot surged by 26.43% to lead the way once more, with Chainlink (+12.48%) and Crypto.com Coin (+11.04%) also on the move.
Binance Coin (+4.28%), Bitcoin Cash SV (+4.17%), Ethereum (+8.89%), and Litecoin (+3.27%) trailed the front runners, however.
In the current week, the crypto total market cap fell to a Monday low $804.33bn before rising to a Thursday high $1,083.43bn. At the time of writing, the total market cap stood at $1,055.94bn.
Bitcoin’s dominance rose from a Monday low 68.39% to a Thursday high 70.28%. At the time of writing, Bitcoin’s dominance stood at 69.36%.
This Morning
At the time of writing, Bitcoin was up by 0.88% to $39,481.0. A mixed start to the day saw Bitcoin fall to an early morning low $39,025.0 before rising to a high $39,701.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Cardano’s ADA and Polkadot were down by 0.21% and by 1.69% to buck the trend early on.
It was a bullish start to the day for the rest of the majors, however.
At the time of writing, Crypto.com Coin was up by 2.82% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $38,601 to bring the first major resistance level at $40,536 into play.
Support from the broader market would be needed for Bitcoin to break back through to $40,000 levels.
Barring an extended crypto rally, first major resistance level and resistance at $41,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at the all-time high $41,969 before any pullback. The second major resistance level sits at $41,936.
Failure to avoid a fall through the $38,601 pivot would bring the first major support level at $37,201 into play.
Barring another extended crypto sell-off, Bitcoin should continue to steer clear of sub-$36,000 levels. The second major support level sits at $35,266.
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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