The Crypto Daily – Movers and Shakers – January 8th, 2021It’s a mixed start to the day for the majors. A Bitcoin move back through to $40,000 levels should support the broader market.
Bitcoin, BTC to USD, rallied by 7.09% on Thursday. Following on from Thursday’s 8.19% jump, Bitcoin ended the day at $39,401.0.
It was a mixed start to the day. Bitcoin fell to a late morning intraday low $36,123.6 before making a move.
Steering clear of the first major support level at $34,419, Bitcoin rallied to a late afternoon intraday high and a new swing hi $40,383.4.
Bitcoin broke through the first major resistance level at $38,016 and the second major resistance level at $39,273.
A late pullback, however, saw Bitcoin slide back to sub-$37,000 levels before finding support.
Bitcoin broke back through the first and second major resistance levels to wrap up the day at $39,400 levels.
The near-term bullish trend remained intact, supported by the latest breakthrough to $40,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $17,899 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.
Cardano’s ADA and Polkadot slid by 10.30% and by 10.80% respectively to lead the way down.
It was a bullish day for the rest of the majors, however.
Ripple’s XRP surged by 29.93% to lead the pack.
In the current week, the crypto total market cap slid to a Monday low $735.72bn before rising to a Thursday high $1,097.16bn. At the time of writing, the total market cap stood at $1,021.96bn.
Bitcoin’s dominance fell to a Monday low 67.66% before rising to a Thursday high 70.68%. At the time of writing, Bitcoin’s dominance stood at 70.40%.
At the time of writing, Bitcoin was down by 0.84% to $39,072.0. A mixed start to the day saw Bitcoin rise to an early morning high $39,663.3 before falling to a low $38,904.1.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day for the crypto majors.
Cardano’s ADA (+0.10%), Crypto.com Coin (+1.29%), and Ripple’s XRP (+2.80%) found early support, with Bitcoin Cash SV flat.
It was a bearish start for the rest of the majors, however.
At the time of writing, Ethereum was down by 1.43% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $38,636 to bring the first major resistance level at $41,148 into play.
Support from the broader market would be needed for Bitcoin to break out from Thursday’s high $40,383.4.
Barring an extended crypto rally, first major resistance level and resistance at $41,500 would likely cap any upside.
In the event of another extended crypto rally, Bitcoin could test resistance at $45,000 before any pullback. The second major resistance level sits at $42,896.
Failure to avoid a fall through the $38,636 pivot would bring the first major support level at $36,889 into play.
Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$36,000 levels. The second major support level sits at $34.376.