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

Bitcoin, BTC to USD, rallied by 6.23% on Tuesday. Reversing a 3.03% slide from Monday, Bitcoin ended the day at $33.985.0.

It was a mixed start to the day. Bitcoin rose to an early morning high $32,861.0 before hitting reverse.

Falling short of the first major resistance level at $34,209, Bitcoin slid to a mid-morning intraday low $29,861.0.

Steering clear of the first major support level at $29,156, Bitcoin rallied to a late intraday high $34,493.0.

Bitcoin broke through the first major resistance level at $34,209 before falling back to sub-$34,000 levels.

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 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.