The Crypto Daily – The Movers and Shakers – January 1st, 2021

By:

Bob Mason

Published: Jan 1, 2021, 04:35 UTC

It's a mixed start to the day for the majors. A Bitcoin breakout from $29,500 levels would support the broader market.

The Rest of the Pack

Across the rest of the majors, it was another mixed day on Thursday.

Polkadot surged 27.85% to lead the way, with Ripple’s XRP (+3.82%) also joining Bitcoin in the green.

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

Litecoin led the way down, sliding by 4.37%.

Binance Coin (-1.78%), Bitcoin Cash SV (-2.14%), Crypto.com Coin (-1.54%), and Ethereum (-2.02%) also struggled.

Cardano’s ADA (-1.03%) and Chainlink (-0.07%) saw relatively modest losses on the day.

In the current week, the crypto total market cap fell to a Tuesday low $678.76bn before rising to an early Friday high $776.82bn. At the time of writing, the total market cap stood at $770.69bn.

Bitcoin’s dominance fell to a Monday low 69.13% before rising to a Thursday high 71.55%. At the time of writing, Bitcoin’s dominance stood at 71.01.

This Morning

At the time of writing, Bitcoin was up by 1.38% to $29,388.0. A mixed start to the day saw Bitcoin fall to an early morning low $28,716.0 before rising to a new swing hi $29,488.0.

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

Elsewhere, it was another mixed start to the day.

Bitcoin Cash SV and Polkadot were down by 0.50% and by 3.53% to buck the trend early on.

It was a bullish start for the rest of the majors.

At the time of writing, Ripple’s XRP was up by 6.39% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $28,594 to bring the first major resistance level at $29,639 back into play.

Support from the broader market would be needed for Bitcoin to break out from the morning high $29,488.0.

Barring an extended crypto rally, the first major resistance level and resistance at $30,000 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $30,500 before any pullback. The second major resistance level sits at $30,322.

Failure to avoid a fall through the $28,594 pivot would bring the first major support level at $27,902 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$27,500 levels. The second major support level sits at $26,865.

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.