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The Crypto Daily – Movers and Shakers – January 25th, 2021

By:
Bob Mason
Published: Jan 25, 2021, 01:03 UTC

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

Depositphotos_193678068_s-2019

In this article:

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.

Binance Coin  (+2.28%), Bitcoin Cash SV (+1.59%), Cardano’s ADA (+2.21%), Crypto.com Coin (+1.40%), and Litecoin (+2.43%) also found strong support.

Chainlink (+0.01%) and Ripple’s XRP (+0.62%) trailed the front runners on the day.

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%.

This Morning

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.

BTCUSD 250121 Hourly Chart

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.

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.

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