The Crypto Daily – Movers and Shakers – January 27th, 2021

Bitcoin, BTC to USD, rose by 0.83% on Tuesday. Reversing a 0.13% loss from Monday, Bitcoin ended the day at $32,519.0.

A mixed start to the day saw Bitcoin strike an early morning high $32,824.0 before hitting reverse.

Falling short of the 23.6% FIB of $33,008 and the major resistance levels, Bitcoin fell to an early afternoon intraday low $30,867.0.

The reversal saw Bitcoin fall through the first major support level at $31,195 before a late rebound.

Bitcoin broke back through the first major support level to strike a late intraday high $32,971.0.

Continuing to fall short of the 23.6% FIB and major resistance levels, Bitcoin eased back to end the day at $32,500 levels.

The near-term bullish trend remained intact, in spite of the latest sell-off. 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 Tuesday.

Ethereum rose by 3.79% to lead the way.

Binance Coin  (+0.17%), Cardano’s ADA, (+0.09%) and Ripple’s XRP (+0.43%) also found support on the day.

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

Crypto.com Coin slid by 8.81% to lead the way down.

Bitcoin Cash SV (-1.54%), Chainlink (-1.47%), Litecoin (-1.66%), and Polkadot (-1.33%) also saw red.

At the start of the week, the crypto total market cap rose to a Monday high $1,038.16bn before falling to a Tuesday low $893.97bn. At the time of writing, the total market cap stood at $941.06bn.

Bitcoin’s dominance rose from a Monday low 62.54% to a high 64.32%. At the time of writing, Bitcoin’s dominance stood at 63.58%.

This Morning

At the time of writing, Bitcoin was down by 1.21% to $32,126.0. A mixed start to the day saw Bitcoin rise to an early morning high $32,596.0 before falling to a low $31,951.3.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin bucked the trend early on, rallying by 4.39%, 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 1.65% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $32,119 to bring the 23.6% FIB of $33,008 and the first major resistance level at $33,371 into play.

Support from the broader market would be needed for Bitcoin to break back through the 23.6% FIB.

Barring an extended crypto rally, the first major resistance level and resistance at $33,500 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $35,000 before any pullback. The second major resistance level sits at $34,223.

Failure to avoid a fall back through the $32,119 pivot would bring the first major support level at $31,267 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of the second major support level at $30,015.