Advertisement
Advertisement

The Crypto Daily – Movers and Shakers – January 24th, 2021

By:
Bob Mason
Updated: Jan 24, 2021, 00:46 UTC

It's a mixed start to the day for the majors. A Bitcoin move back through to $33,000 levels would support the broader market.

Ripple, Dash coin, Bitcoin, Monero and Ethereum

In this article:

Bitcoin, BTC to USD, fell by 2.81% on Saturday. Partially reversing a 7.02% rally from Friday, Bitcoin ended the day at $32,099.0.

It was a mixed start to the day. Bitcoin fell to an early morning low $32,138.0 before making a move.

The early pullback saw Bitcoin fall through the 23.6% FIB of $33,008.

Steering clear of the major support levels, however, Bitcoin rose to a mid-morning intraday high $33,554.0.

Bitcoin broke back through the 23.6% FIB before hitting reverse.

Falling short of the first major resistance level at $34,942, Bitcoin slid to an early afternoon intraday low $31,439.4.

Bitcoin fell back through the 23.6% FIB, while steering clear of the first major support level at $30,081.

Finding support late in the day, Bitcoin briefly revisited $32,500 levels before easing back.

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 Saturday.

Chainlink and Polkadot jumped by 14.87% and by 12.53% respectively to lead the way.

Binance Coin  (+0.09%), Ethereum (+0.09%), and Litecoin (+0.01%) also ended the day in the green.

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

Bitcoin Cash SV slid by 4.55% to lead the way down.

Cardano’s ADA (-0.90%), Crypto.com Coin (-2.72%), and Ripple’s XRP (-0.12%) also joined Bitcoin in the red.

In the current week, the crypto total market cap rose to a Tuesday high $1,080.72bn before sliding to an early Saturday low $812.79bn. At the time of writing, the total market cap stood at $919.19bn.

Bitcoin’s dominance rose to a Monday high 67.47% before falling to a Saturday low 64.14%. At the time of writing, Bitcoin’s dominance stood at 64.33%.

This Morning

At the time of writing, Bitcoin was down by 0.88% to $31,815.0. A bearish start to the day saw Bitcoin fall from an early morning high $32,099.0 to a low $31,709.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV and Crypto.com Coin bucked the trend early on, with gains of 1.59% and 0.84% respectively.

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

At the time of writing, Chainlink was down by 0.97% to lead the way down.

BTCUSD 240121 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $32,364 to bring the 23.6% FIB of $33,008 and the first major resistance level at $33,289 into play.

Support from the broader market would be needed for Bitcoin to break back through to $33,000 levels.

Barring an extended crypto rally, the 23.6% FIB and the first major resistance level would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $35,000 before any pullback. The second major resistance level sits at $34,479.

Failure to move through the $32,364 pivot would bring the first major support level at $31,174 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$30,000 levels. The second major support level at $30,250 should limit the downside.

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.

Did you find this article useful?

Advertisement