The Crypto Daily – Movers and Shakers – January 9th, 2021It’s a mixed start to the day for the majors. A Bitcoin move back through to $41,000 levels would support the broader market.
Bitcoin, BTC to USD, rose by 2.85% on Friday. Following on from a 7.09% rally on Thursday, Bitcoin ended the day at $40,509.0.
It was a mixed start to the day. Bitcoin fell to an early morning intraday low $36,555.0 before making a move.
The pullback saw Bitcoin fall through the first major support level at $36,889.
Steering clear of sub-$36,000 levels, Bitcoin rallied to a mid-afternoon intraday high and a new swing hi $41,969.0.
Bitcoin broke through the first major resistance level at $41,148 before falling back to sub-$39,000 levels.
Finding late support, however, Bitcoin move back through to $40,500 levels to deliver the upside for the day.
The near-term bullish trend remained intact, supported by the latest breakthrough to $41,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $18,504 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Friday.
Chainlink and Polkadot slid by 4.64% and by 6.19% to lead the way down.
It was a bullish day for the rest of the majors, however.
Bitcoin Cash SV rose by 3.39% to lead the pack.
In the current week, the crypto total market cap slid to a Monday low $735.72bn before rising to a Friday high $1,115.32bn. At the time of writing, the total market cap stood at $1,052.85bn.
Bitcoin’s dominance fell to a Monday low 67.66% before rising to a Friday high 71.37%. At the time of writing, Bitcoin’s dominance stood at 70.99%.
At the time of writing, Bitcoin was down by 0.84% to $40,169.0. A mixed start to the day saw Bitcoin rise to an early morning high $40,915.0 before falling to a low $40,136.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Cardano’s ADA and Polkadot bucked the trend, with gains of 0.30% and 0.36% respectively.
It was a bearish start for the rest of the majors, however.
At the time of writing, Ripple’s XRP was down by 3.26% to $0.31062.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $39,678 to bring the first major resistance level at $42,800 into play.
Support from the broader market would be needed for Bitcoin to break out from Friday’s high $41,969.0.
Barring an extended crypto rally, first major resistance level and resistance at $43,000 would likely cap any upside.
In the event of another extended crypto rally, Bitcoin could test resistance at $45,500 before any pullback. The second major resistance level sits at $45,092.
Failure to avoid a fall through the $39,678 pivot would bring the first major support level at $37,386 into play.
Barring another extended crypto sell-off, Bitcoin should continue to steer clear of sub-$36,000 levels. The second major support level sits at $34,264.