The Crypto Daily – Movers and Shakers – January 27th, 2021

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Published: Jan 27, 2021, 01:11 UTC

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

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Tuesday.

Ethereum rose by 3.79% to lead the way.

Binance Coin (+0.17%), Cardano’s ADA, (+0.09%) and Ripple’s XRP (+0.43%) also found support on the day.

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

Crypto.com Coin slid by 8.81% to lead the way down.

Bitcoin Cash SV (-1.54%), Chainlink (-1.47%), Litecoin (-1.66%), and Polkadot (-1.33%) also saw red.

At the start of the week, the crypto total market cap rose to a Monday high $1,038.16bn before falling to a Tuesday low $893.97bn. At the time of writing, the total market cap stood at $941.06bn.

Bitcoin’s dominance rose from a Monday low 62.54% to a high 64.32%. At the time of writing, Bitcoin’s dominance stood at 63.58%.

This Morning

At the time of writing, Bitcoin was down by 1.21% to $32,126.0. A mixed start to the day saw Bitcoin rise to an early morning high $32,596.0 before falling to a low $31,951.3.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin bucked the trend early on, rallying by 4.39%, with Bitcoin Cash SV flat.

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

At the time of writing, Ethereum was down by 1.65% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $32,119 to bring the 23.6% FIB of $33,008 and the first major resistance level at $33,371 into play.

Support from the broader market would be needed for Bitcoin to break back through the 23.6% FIB.

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 $34,223.

Failure to avoid a fall back through the $32,119 pivot would bring the first major support level at $31,267 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of the second major support level at $30,015.

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.