The Crypto Daily – Movers and Shakers – January 25th, 2021It’s a mixed start to the day for the majors. A Bitcoin move through to $33,000 levels would support the broader market.
Bitcoin, BTC to USD, rose by 0.69% on Sunday. Partially reversing a 2.81% fall from Saturday, Bitcoin ended the week down by 9.97% to $32,320.0.
It was a mixed start to the day. Bitcoin fell to an early morning low $31,709.0 before making a move.
Steering clear of the first major support level at $31,174, Bitcoin rose to a mid-morning intraday high $33,174.0.
Bitcoin broke back through the 23.6% FIB of $33,008 before hitting reverse.
Falling short of the first major resistance level at $33,289, Bitcoin slid to a late intraday low $31,011.0.
Bitcoin fell through the first major support level at $31,174 before recovering to close out the day in the green.
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 Sunday.
Polkadot (-4.65%) saw red to buck the trend on the day.
It was a bullish day for the rest of the majors.
Ethereum rallied by 12.92% to lead the way.
For the week, it was also a mixed week for the majors.
Polkadot rallied by 16.97% to lead the way.
Chainlink (+6.47%) and Ethereum (+13.09%) also found support to buck the trend in the week.
It was a bearish week for the rest of the majors.
Bitcoin Cash SV slid by 22.52% to lead the way down.
Binance Coin (-8.64%), Cardano’s ADA (-7.06%), Crypto.com Coin (-7.98%), Litecoin (-1.14%), and Ripple’s XRP (-11.96%) also joined Bitcoin in the red.
In the 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 $971.22bn.
Bitcoin’s dominance rose to a Monday high 67.47% before falling to a Sunday low 62.84%. At the time of writing, Bitcoin’s dominance stood at 62.75%.
At the time of writing, Bitcoin was up by 1.29% to $32,736.5. A mixed start to the day saw Bitcoin fall to an early morning low $32,253.0 before striking a high $32,835.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Polkadot bucked the trend early on, falling by 0.68%.
It was a bullish start for the rest of the majors, however.
At the time of writing, Ethereum was up by 4.02% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $32,168 to bring the 23.6% FIB of $33,008 and the first major resistance level at $33,326 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 first major resistance level and resistance at $33,500 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 $34,331.
Failure to avoid a fall through the $32,168 pivot would bring the first major support level at $31,163 into play.
Barring an extended crypto sell-off, Bitcoin should steer clear of the second major support level at $30,005.