The Crypto Daily – Movers and Shakers – January 6th, 2021

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Updated: Jan 6, 2021, 02:14 UTC

It's a mixed start to the day for the majors. A Bitcoin move through to $34,500 levels would support the broader market.

The Rest of the Pack

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

Polkadot (-3.75%) and Ripple’s XRP (-4.09%) saw red to buck the trend on the day, with Crypto.com Coin ending the day flat.

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

Cardano’s ADA rallied by 15.11% to lead the way.

Ethereum (+5.90%) and Chainlink (+6.78%) also saw solid gains on the day.

Binance Coin (+2.03%), Bitcoin Cash SV (+2.44%), Litecoin (+2.28%) trailed the front runners, however.

At the start of the week, the crypto total market cap slid to a Monday low $735.72bn before rising to a Tuesday high $943.21bn. At the time of writing, the total market cap stood at $906.55bn.

Bitcoin’s dominance rose to a Monday high 70.25% before falling to a Monday low 67.66%. At the time of writing, Bitcoin’s dominance stood at 69.37%.

This Morning

At the time of writing, Bitcoin was down by 0.65% to $33,764.0. A mixed start to the day saw Bitcoin rise to an early morning high $34,156.5 before falling to a low $33.335.0.

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

Elsewhere, it was a mixed start to the day for the crypto majors.

Crypto.com Coin was up by 2.65% to buck the trend early on.

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

At the time of writing, Ethereum was down by 2.06% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $32,780 to bring the first major resistance level at $35,698 into play.

Support from the broader market would be needed for Bitcoin to break through to $35,000 levels.

Barring an extended crypto rally, resistance at $35,000 would likely leave Bitcoin short of the first major resistance level.

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 $37,412.

Failure to avoid a fall through the $32,780 pivot would bring the first major support level at $31,066 into play.

Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$30,000 levels. The second major support level sits at $28,148.

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.