The Crypto Daily – Mover and Shaker – Jan 3rd, 2021

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The Crypto Daily - Mover and Shaker - Jan 3rd, 2021

Bitcoin, BTC to USD, rose 9.65% on Saturday. After gaining 1.42% on Friday, Bitcoin ended the day at $ 32,183.0.

It was a mixed start to the day. Bitcoin fell to an early morning intraday low of $ 29,000.0 before taking a step.

Bitcoin stayed away from the first major support level at $ 28,837, hitting an intraday high of $ 33,292.0 in the early evening.

In the one-day rally, Bitcoin broke the day’s major resistance levels to hit a new swing hi and all-time high before subsiding.

Despite falling to $ 32,100, Bitcoin was able to avoid a relapse from the third major resistance level of $ 31,036.

The short-term uptrend remained intact, aided by the recent break to $ 33,000. For the bears, Bitcoin would have to slide through the 62% FIB of $ 15,190 to form a short-term bearish trend.

The rest of the pack

For the other majors it was another mixed day on Saturday.

Ripple’s XRP fell 7.16% to defy the trend of the day.

For the rest of the majors, however, it was a bullish day.

Crypto.com Coin and Litecoin gained 10.53% and 8.38% respectively, with Ethereum up 6.06%.

Binance Coin (+ 1.18%), Bitcoin Cash SV (+ 2.55%), Cardanos ADA (+ 1.31%), Chainlink (+ 2.85%), Polkadot (+ 1.43%) recorded relatively modest gains this day.

For the current week, total crypto market cap fell to a Tuesday low of $ 678.76 billion before rising to a Saturday high of $ 866.00 billion. At the time of writing, total market cap was $ 830.22 billion.

Bitcoin’s dominance fell to a Monday low of 69.13% before rising to a Saturday high of 72.92%. At the time of writing, Bitcoin’s dominance was 72.62.

This morning

At the time of writing, Bitcoin was up 0.82% to $ 32,447.9. On a mixed start to the day, Bitcoin fell to an early morning low of $ 31,975.0 before rising to a high of $ 32,501.0.

Bitcoin left key support and resistance levels untested early on.

Elsewhere it was a mixed start to the day.

Chainlink (+ 0.28%), Ethereum (+ 0.50%) and Litecoin (+ 0.54%) joined Bitcoin in the green, with Bitcoin Cash SV being flat.

The story goes on

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

At the time of writing, Crypto.com Coin was down 7.52% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would have to avoid a drop in the pivot level at $ 31,492 to bring the first major resistance level into play at $ 33,983.

Support from the broader market would be required for Bitcoin to break out of the $ 33,292.0 high on Saturday.

Aside from an extended crypto rally, the first major resistance level and resistance at $ 34,000 would likely limit an uptrend.

In the event of another extended crypto rally, Bitcoin could test resistance before pulling back at $ 36,000. The second major resistance level is at $ 35,784.

Unless a fall from the $ 31,492 pivot is avoided, the first major support level of $ 29,691 would come into play.

Subject to an extended crypto sell-off, Bitcoin should avoid levels below $ 29,000. The second major level of support is at $ 27,200.

This article was originally published on FX Empire

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