The Crypto Daily – Movers and Shakers – January 31st, 2021

Bitcoin, BTC to USD, rose by 0.17% on Saturday. Following on from a 2.63% gain on Friday, Bitcoin ended the day at $34,341.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $34,929.0 before hitting reverse.

Falling short of the first major resistance level at $37,980, Bitcoin fell to an early morning intraday low $32,827.0.

While steering clear of the first major support level at $31,256, Bitcoin fell through the 23.6% FIB of $33,008.

Finding support through the rest of the day, Bitcoin broke back through the 23.6% FIB to revisit $34,800 levels before easing back.

The near-term bullish trend remained intact, in spite of the recent 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 Saturday.

Crypto.com Coin (-6.77%), Litecoin (-0.94%), and Polkadot (-1.59%) saw red to buck the trend.

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

Ripple’s XRP surged by 56.84% to lead the day.

Binance Coin  (+4.64%), Cardano’s ADA (+4.95%), and Chainlink (+3.91%) also found strong support.

Bitcoin Cash SV (+0.57%) trailed the front runners, with Ethereum ending the day flat.

In the current week, the crypto total market cap fell to a Wednesday low $847.51bn before rising to a Friday high $1,136.27bn. At the time of writing, the total market cap stood at $1,005.74bn.

Bitcoin’s dominance rose from a Monday low 62.54% to a Friday high 65.93%. At the time of writing, Bitcoin’s dominance stood at 63.40%.

This Morning

At the time of writing, Bitcoin was down by 0.24% to $34,260.0. A mixed start to the day saw Bitcoin rise to an early morning high $34,407.0 before falling to a low $34,091.0

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

Elsewhere, it was a mixed start to the day.

Binance Coin (+0.18%), Bitcoin Cash SV (+0.57%), Chainlink (+0.84%), and Polkadot (+0.23%) found early support.

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

At the time of writing, Ripple’s XRP was down by 2.70% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $34,032 to bring the first major resistance level at $35,238 into play.

Support from the broader market would be needed for Bitcoin to break out from Saturday’s high $34,929.0.

Barring an extended crypto rally, the first major resistance level and resistance at $35,500 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $37,000 before any pullback. The second major resistance level sits at $36,134.

Failure to avoid a fall through the $34,032 pivot would bring the first major support level at $33,136 and the 23.6% FIB of $33,008 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$32,000 levels. The second major support level sits at $31,930.