The Crypto Daily – Movers and Shakers – December 25th, 2020

By:

Published: Dec 25, 2020, 01:06 GMT+00:00

It's a mixed start to the day for the majors. A Bitcoin move through to $23,800 levels would support the pack.

Investing and stock market concept gain and profits with faded candlestick charts.

Bitcoin, BTC to USD, rose by 2.31% on Thursday. Reversing most of Wednesday’s 2.50% fall, Bitcoin ended the day at $23,743.5.

It was another mixed start to the day. Bitcoin fell to an early morning intraday low $22,701.0 before making a move.

Steering clear of the first major support level at $22,527, Bitcoin rallied to a final hour intraday high $23,790.0.

Falling short of the first major resistance level at $24,016, Bitcoin eased back to end the day at $23,740 levels.

The near-term bullish trend remained intact, supported by the latest breakthrough to $24,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $11,733 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.

Crypto.com Coin slid by 5.12% to buck the trend on the day.

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

Ripple’s XRP surged by 29.65% to lead the way.

Cardano’s ADA (+11.78%) and Litecoin (+8.53%) also found strong support.

Binance Coin (+4.15%), Bitcoin Cash SV (+3.85%), Chainlink (+5.17%), Ethereum (+4.60%), and Polkadot (+6.11%) trailed the front runners, however.

In the current week, the crypto total market cap rose to a Monday high $671.50bn before sliding to a Wednesday low $590.85bn. At the time of writing, the total market cap stood at $635.77bn.

Bitcoin’s dominance rose from a Monday low 66.74% to a Wednesday high of 71.14%. At the time of writing, Bitcoin’s dominance stood at 69.01%.

This Morning

At the time of writing, Bitcoin was down 0.39% to $23,651.0. A mixed start to the day saw Bitcoin rise to an early morning high $23,831.0 before falling to a low $23,567.0.

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

Elsewhere, it was another mixed start to the day.

Bitcoin Cash SV (+0.67%), Cardano’s ADA (+0.94%), Crypto.com Coin (+3.96%), and Polkadot (+0.42%) found early support to buck the trend early on.

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

At the time of writing, Ripple’s XRP was down by 0.72% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $23,412 to bring the first major resistance level at $24,122 into play.

Support from the broader market would be needed for Bitcoin to break back through to $24,000 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $24,500 before any pullback. The second major resistance level sits at $24,501.

Failure to avoid a fall through the $23,412 pivot would bring the first major support level at $23,033 into play.

Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$23,000 levels. The second major support level sits at $22,323.

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.