The Crypto Daily – Movers and Shakers – January 4th, 2021

Bitcoin, BTC to USD, rose by 2.43% on Sunday. Following on from a 9.65% rally on Saturday, Bitcoin ended the week up by 25.6% to $32,968.0.

It was a mixed start to the day. Bitcoin fell to an early morning intraday low $31,975.0 before making a move.

Steering clear of the first major support level at $29,691, Bitcoin surged to a mid-morning intraday high and a new swing hi $34,873.0.

Bitcoin broke through the first major resistance level at $33,983 to test resistance at $35,000 before hitting reverse.

The reversal saw Bitcoin fall back to $32,200 levels before finding support.

Avoiding negative territory, Bitcoin revisited $33,800 levels before falling back to sub-$33,000 levels. The first major resistance level at $33,983 had pinned Bitcoin back late in the day.

The near-term bullish trend remained intact, supported by the latest breakthrough to $34,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $15,794 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Sunday.

Crypto.com Coin fell by 8.76% to buck the trend on the day.

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

Ethereum surged by 26.5% to lead the way.

Cardano’s ADA (+16.3%), Chainlink (+12.18%), and Litecoin (+17.8%) also impressed on the day.

Binance Coin (+7.96%), Bitcoin Cash SV (+5.42%), Polkadot (+7.18%), and Ripple’s XRP (+1.85%) trailed the front runners on the day.

For the week, it was a mixed bag for the crypto majors, however.

Ethereum and Polkadot surged by 43.3% and by 56.8% respectively to lead the way.

Binance Coin (+23.0%), Cardano’s ADA (+33.7%), Chainlink (+12.9%), and Litecoin (+26.5%) also made solid gains.

Bitcoin Cash SV (+5.8%) and Crypto.com Coin (+3.5%) trailed the front runners with modest gains.

Ripple’s XRP fell by 20.6%, however, to buck the trend in the week.

In the week, the crypto total market cap fell to a Tuesday low $678.76bn before rising to a Sunday high $924.85bn. At the time of writing, the total market cap stood at $867.05bn.

Bitcoin’s dominance fell to a Monday low 69.13% before rising to a Sunday high 73.63%. At the time of writing, Bitcoin’s dominance stood at 70.14%.

This Morning

At the time of writing, Bitcoin was down by 0.90% to $32,671.0. A mixed start to the day saw Bitcoin rise to an early morning high $33,054.4 before falling to a low $32.352.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (+0.37%), Cardano’s ADA (+4.73%), Chainlink (+2.44%), and Polkadot (+0.31%) 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, Bitcoin Cash SV was down by 2.62% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $33,272 to bring the first major resistance level at $34,569 into play.

Support from the broader market would be needed for Bitcoin to break back through to $34,000 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $34,873.0 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $37,000 before any pullback. The second major resistance level sits at $36,170.

Failure to move through the $36,272 pivot would bring the first major support level at $31,671 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$31,000 levels. The second major support level sits at $30,374.