The Crypto Daily – Movers and Shakers – January 22nd, 2021It’s a particularly bearish day for the crypto majors. Failure for Bitcoin to move back through to $30,000 levels would weigh heavily on the broader market.
Bitcoin, BTC to USD, tumbled by 13.06% on Thursday. Following a1.04% decline on Wednesday, Bitcoin ended the day at $30,872.0.
It was a mixed start to the day. Bitcoin rose to an early morning high $35,616.0 before hitting reverse.
Falling short of the first major resistance level at $36,858, Bitcoin slid to a late intraday low $30,196.0.
Bitcoin fell through the first major support level at $33,739 and the second major support level at $31,961.
More significantly, Bitcoin also fell through the 23.6% FIB of $33,008.
Steering clear of sub-$30,000 support levels, Bitcoin briefly revisited $31,000 levels before falling back. Despite the late support Bitcoin failed to break back through the second major support level.
The near-term bullish trend remained intact, in spite of the latest sell-off. 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.
Polkadot bucked the trend on the day, rising by 2.26%.
It was a particularly bearish day for the rest of the majors, however.
In the current week, the crypto total market cap rose to a Tuesday high $1,080.72bn before sliding to an early Friday low $824.13bn. At the time of writing, the total market cap stood at $844.25bn.
Bitcoin’s dominance rose to a Monday high 67.47% before falling to a Thursday low 64.74%. At the time of writing, Bitcoin’s dominance stood at 65.56%.
At the time of writing, Bitcoin was down by 3.73% to $29,719.0. A bearish start to the day saw Bitcoin slide from an early morning high $30,890.6 to a low $29,317.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV was up by 0.55% to buck the trend early on.
It was a bearish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin and Cardano’s ADA were down by 7.05% and by 5.63% respectively to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the pivot level at $32,228 to bring the first major resistance level at $34,260 into play.
Support from the broader market would be needed for Bitcoin to break out from the 23.6% FIB of $33,008.
Barring an extended crypto rally, first major resistance level and resistance at $34,500 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance the second major resistance level at $37,648.
Failure to move through the $32.228 pivot would bring the first major support level at $28,840 into play.
Barring another extended crypto sell-off, Bitcoin should avoid the 38.2% FIB of $27,465. The second major support level sits at $26,808.