The Crypto Daily – Movers and Shakers – January 29th, 2021
It’s a bullish start to the day for the broader market. A Bitcoin breakout from $34,500 levels should support the pack.
Bitcoin, BTC to USD, rallied by 9.70% on Thursday. Partially reversing a 6.45% slide from Wednesday, Bitcoin ended the day at $33,373.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $29,918.0 before making a move.
Steering clear of the first major support level at $28,938, Bitcoin rallied to a late intraday high $33,800.0.
Bitcoin broke through the first major resistance level at $32,251 and the 38.2% FIB of $33,008.
Falling short of the second major resistance level at $34,080, Bitcoin eased back to end the day at sub-$33,500 levels.
The near-term bullish trend remained intact, in spite of the recent 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 Thursday.
Polkadot fell by 0.58% to buck the trend on the day.
It was a bullish day the rest of the majors, however.
Cardano’s ADA and Chainlink rallied by 10.70% and by 9.82% to lead the way.
Ethereum (+7.46%) and Litecoin (+8.89%) also found strong support.
Binance Coin (+4.16%), Bitcoin Cash SV (+3.49%), Crypto.com Coin (+6.38%), and Ripple’s XRP (+5.63%) trailed the front runners.
In the current week, the crypto total market cap rose to a Monday high $1,038.16bn before falling to a Wednesday low $847.51bn. At the time of writing, the total market cap stood at $990.18bn.
Bitcoin’s dominance rose from a Monday low 62.54% to a Monday high 64.32%. At the time of writing, Bitcoin’s dominance stood at 64.02%.
This Morning
At the time of writing, Bitcoin was up by 1.82% to $33,979.0. A bullish start to the day saw Bitcoin rise from an early morning low $33,337.0 to a high $34,300.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the morning.
Polkadot was down by 0.86% to buck the trend early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Litecoin was up by 3.08% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the 23.6% FIB of $33,008 and the pivot level at $32,364 to bring the first major resistance level at $34,809 into play.
Support from the broader market would be needed for Bitcoin to break out from the morning high $34,300.0.
Barring an extended crypto rally, the 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 $36,246.
Failure to avoid a fall through the 23.6% FIB and the $32,364 pivot would bring the first major support level at $30,927 into play.
Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$30,000 levels. The second major support level sits at $28,482.
