The Crypto Daily – Movers and Shakers – January 17th, 2021
Bitcoin, BTC to USD, fell by 1.91% on Saturday. Following on from a 6.15% slide on Friday, Bitcoin ended the day at $36,041.0.
It was a mixed start to the day. Bitcoin fell to an early morning low $35,551.0 before making a move.
Steering clear of the major support levels, Bitcoin rose to a late morning intraday high $37,997.0.
Falling short of the first major resistance level at $39,461, Bitcoin slid to a late intraday low $35,418.0.
Steering clear of the first major support level at $34,260, Bitcoin moved back through to $36,000 levels to reduce the deficit on the day.
The near-term bullish trend remained intact, in spite of the latest reversal. 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 another mixed day on Saturday.
Polkadot surged by 39.53% to lead the way.
It was a bearish day for the rest of the pack.
Chainlink slid by -3.24% to lead the way down.
In the current week, the crypto total market cap fell to a Monday low $804.97bn before rising to a Thursday high $1,083.27bn. At the time of writing, the total market cap stood at $1,004.03bn.
Bitcoin’s dominance rose to a Thursday high 70.28% before falling to a Saturday low 66.73%. At the time of writing, Bitcoin’s dominance stood at 67.26%.
At the time of writing, Bitcoin was up by 0.47% to $36,211.0. A mixed start to the day saw Bitcoin fall to an early morning low $35,565.0 before striking a high $36,348.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV (-2.05%), Crypto.com Coin (+2.27%), Ethereum (-0.19%), and Polkadot (-0.52%) struggled early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Cardano’s ADA was up by 2.87% to lead the way, with Binance Coin up by 2.22%.
For the Bitcoin Day Ahead
Bitcoin would need to move through the pivot level at $36,485 to bring the first major resistance level at $37,553 into play.
Support from the broader market would be needed for Bitcoin to break back through to $37,000 levels.
Barring an extended crypto rally, first major resistance level and Saturday’s high $37,997.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $40,000 before any pullback. The second major resistance level sits at $39,064.
Failure to move through the $36,485 pivot would bring the first major support level at $34,974 into play.
Barring an extended crypto sell-off, Bitcoin should continue to steer clear of the second major support level at $33,906 and the 23.6% FIB of $33,008.