The Crypto Daily – Movers and Shakers – January 31st, 2021

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Updated: Feb 4, 2021, 10:13 UTC

It's a mixed start to the day for the crypto majors. A Bitcoin move through to $35,000 would support the broader market.

Investing and stock market concept gain and profits with faded candlestick charts.

The Rest of the Pack

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

Crypto.com Coin (-6.77%), Litecoin (-0.94%), and Polkadot (-1.59%) saw red to buck the trend.

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

Ripple’s XRP surged by 56.84% to lead the day.

Binance Coin (+4.64%), Cardano’s ADA (+4.95%), and Chainlink (+3.91%) also found strong support.

Bitcoin Cash SV (+0.57%) trailed the front runners, with Ethereum ending the day flat.

In the current week, the crypto total market cap fell to a Wednesday low $847.51bn before rising to a Friday high $1,136.27bn. At the time of writing, the total market cap stood at $1,005.74bn.

Bitcoin’s dominance rose from a Monday low 62.54% to a Friday high 65.93%. At the time of writing, Bitcoin’s dominance stood at 63.40%.

This Morning

At the time of writing, Bitcoin was down by 0.24% to $34,260.0. A mixed start to the day saw Bitcoin rise to an early morning high $34,407.0 before falling to a low $34,091.0

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

Elsewhere, it was a mixed start to the day.

Binance Coin (+0.18%), Bitcoin Cash SV (+0.57%), Chainlink (+0.84%), and Polkadot (+0.23%) found early support.

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

At the time of writing, Ripple’s XRP was down by 2.70% to lead the way down.

BTCUSD 310121 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $34,032 to bring the first major resistance level at $35,238 into play.

Support from the broader market would be needed for Bitcoin to break out from Saturday’s high $34,929.0.

Barring an extended crypto rally, the first major resistance level and resistance at $35,500 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 $36,134.

Failure to avoid a fall through the $34,032 pivot would bring the first major support level at $33,136 and the 23.6% FIB of $33,008 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$32,000 levels. The second major support level sits at $31,930.

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.