The Crypto Daily – Movers and Shakers – January 4th, 2021It’s a mixed start to the day for the majors. A Bitcoin move back through to $34,000 levels would support the pack.
Bitcoin, BTC to USD, rose by 2.43% on Sunday. Following on from a 9.65% rally on Saturday, Bitcoin ended the week up by 25.6% to $32,968.0.
It was a mixed start to the day. Bitcoin fell to an early morning intraday low $31,975.0 before making a move.
Steering clear of the first major support level at $29,691, Bitcoin surged to a mid-morning intraday high and a new swing hi $34,873.0.
Bitcoin broke through the first major resistance level at $33,983 to test resistance at $35,000 before hitting reverse.
The reversal saw Bitcoin fall back to $32,200 levels before finding support.
Avoiding negative territory, Bitcoin revisited $33,800 levels before falling back to sub-$33,000 levels. The first major resistance level at $33,983 had pinned Bitcoin back late in the day.
The near-term bullish trend remained intact, supported by the latest breakthrough to $34,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $15,794 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.
Crypto.com Coin fell by 8.76% to buck the trend on the day.
It was a bullish day for the rest of the majors, however.
Ethereum surged by 26.5% to lead the way.
For the week, it was a mixed bag for the crypto majors, however.
Ethereum and Polkadot surged by 43.3% and by 56.8% respectively to lead the way.
Binance Coin (+23.0%), Cardano’s ADA (+33.7%), Chainlink (+12.9%), and Litecoin (+26.5%) also made solid gains.
Bitcoin Cash SV (+5.8%) and Crypto.com Coin (+3.5%) trailed the front runners with modest gains.
Ripple’s XRP fell by 20.6%, however, to buck the trend in the week.
In the week, the crypto total market cap fell to a Tuesday low $678.76bn before rising to a Sunday high $924.85bn. At the time of writing, the total market cap stood at $867.05bn.
Bitcoin’s dominance fell to a Monday low 69.13% before rising to a Sunday high 73.63%. At the time of writing, Bitcoin’s dominance stood at 70.14%.
At the time of writing, Bitcoin was down by 0.90% to $32,671.0. A mixed start to the day saw Bitcoin rise to an early morning high $33,054.4 before falling to a low $32.352.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (+0.37%), Cardano’s ADA (+4.73%), Chainlink (+2.44%), and Polkadot (+0.31%) found early support to buck the trend early on.
It was a bearish start for the rest of the majors, however.
At the time of writing, Bitcoin Cash SV was down by 2.62% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the pivot level at $33,272 to bring the first major resistance level at $34,569 into play.
Support from the broader market would be needed for Bitcoin to break back through to $34,000 levels.
Barring an extended crypto rally, the first major resistance level and Sunday’s high $34,873.0 would likely cap any upside.
In the event of another extended crypto rally, Bitcoin could test resistance at $37,000 before any pullback. The second major resistance level sits at $36,170.
Failure to move through the $36,272 pivot would bring the first major support level at $31,671 into play.
Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$31,000 levels. The second major support level sits at $30,374.