The Crypto Daily – Movers and Shakers – January 23rd, 2021

Bitcoin, BTC to USD, rallied by 7.02% on Friday. Partially reversing Thursday’s 13.06% tumble, Bitcoin ended the day at $33,058.0.

It was a bearish start to the day. Bitcoin slid to an early morning intraday low $28,989.0 before making a move.

Coming within range of the first major support level at $28,840, Bitcoin rallied to a late intraday high $33,850.0.

While falling short of the first major resistance level at $34,260, Bitcoin broke through the 23.6% FIB of $33,008.

A late pullback saw Bitcoin fall back through the 23.6% FIB of $33,008 before wrapping up the day at $33,050 levels.

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 Friday.

Crypto.com Coin fell by 0.27% to buck the trend on the day.

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

Chainlink surged by 17.19% to lead the way, with Cardano’s ADA (+13.60%), and Ethereum (+11.07%) close behind.

Binance Coin  (+6.02%) and Litecoin (+6.26%) also made solid gains.

Bitcoin Cash SV, (+2.42%), Polkadot (+0.25%) and Ripple’s XRP (+1.80%) trailed the front runners, 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 $812.79bn. At the time of writing, the total market cap stood at $926.91bn.

Bitcoin’s dominance rose to a Monday high 67.47% before falling to a Friday low 64.63%. At the time of writing, Bitcoin’s dominance stood at 65.20%.

This Morning

At the time of writing, Bitcoin was down by 1.28% to $32,634.0. A bearish start to the day saw Bitcoin fall from an early morning high $33,036.0 to a low $32,472.0.

While leaving the major support and resistance levels untested, Bitcoin fell through the 23.6% FIB of $33,008.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV and Ripple’s XRP were up by 0.76% and by 0.07% to buck the trend early on.

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

At the time of writing, Binance Coin was down by 1.47% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $31,966 to bring the 23.6% FIB of $33,008 and the first major resistance level at $34,942 into play.

Support from the broader market would be needed for Bitcoin to break out from Friday’s high $33,850.0.

Barring an extended crypto rally, first major resistance level and resistance at $35,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $37,000 before any pullback. The second major resistance level sits at $36,827.

Failure to avoid a fall through the $31,966 pivot would bring the first major support level at $30,081 into play.

Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$28,000 levels and the 38.2% FIB of $27,465. The second major support level sits at $27,105.