The Crypto Daily – Movers and Shakers – January 2nd, 2021

Bob Mason
·3-min read

Bitcoin, BTC to USD, rose by 1.42% on Friday. Following on from a 0.18% gain on Thursday, Bitcoin ended the day at $29,349.0.

It was a mixed start to the day. Bitcoin fell to an early morning intraday low $28,716.0 before making a move.

Steering clear of the first major support level at $27,902, Bitcoin rose to an early morning high $29,488.0.

Falling short of the major resistance levels, Bitcoin fell back to sub-$29,000 levels.

Finding support through the late morning, however, Bitcoin struck a mid-day intraday high and a new swing high $29,620.0.

Coming within range of the first major resistance level at $29,631, Bitcoin slid back to $28,700 levels.

A late move back through to $29,300 levels delivered the upside for the day, however.

The near-term bullish trend remained intact, supported by the latest breakthrough to $29,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $13,787 to form a near-term bearish trend.

The Rest of the Pack

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

Polkadot slid by 11.83% to lead the way down.

Bitcoin Cash SV (-0.80%), Cardano’s ADA (-3.44%), and Ethereum (-0.94%) also struggled.

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

Ripple’s XRP and Chainlink rallied by 8.23% and by 5.50% respectively to lead the way.

Binance Coin (+1.05%), Crypto.com Coin (+2.43%), and Litecoin (+1.70%) saw relatively modest gains 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 $783.43bn. At the time of writing, the total market cap stood at $760.80bn.

Bitcoin’s dominance fell to a Monday low 69.13% before rising to a Friday high 71.64%. At the time of writing, Bitcoin’s dominance stood at 71.44%.

This Morning

At the time of writing, Bitcoin was down by 0.66% to $29,155.0. A mixed start to the day saw Bitcoin rise to an early morning high $29,351.4 before falling to a low $29,000.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV and Crypto.com Coin bucked the trend early on, with gains of 0.70 and 3.23% respectively.

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

At the time of writing, Chainlink was down by 2.14% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $29,228 to bring the first major resistance level at $29,741 into play.

Support from the broader market would be needed for Bitcoin to break out from Friday’s high $29,620.0.

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 $30,132.

Failure to move back through the $29,228 pivot would bring the first major support level at $28,837 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$28,500 levels. The second major support level sits at $28,324.

This article was originally posted on FX Empire

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