The Crypto Daily – Movers and Shakers – January 10th, 2021
Bitcoin, BTC to USD, fell by 0.82% on Saturday. Partially reversing a 2.85% gain from Friday, Bitcoin ended the day at $40,168.0.
It was a mixed start to the day. Bitcoin rose to an early morning high $40,915.0 before hitting reverse.
Falling short of the major resistance levels, Bitcoin fell to a mid-morning intraday low $38,700.0.
Steering clear of the first major resistance level at $37,386, Bitcoin rallied to a mid-afternoon intraday high $41,399.0.
Falling short of the first major resistance level at $42,800, Bitcoin fell back to sub-$40,000 levels.
Finding late support, however, Bitcoin moved back through to $40,000 levels to reduce the deficit on the day.
The near-term bullish trend remained intact, supported by the latest breakthrough to $41,000 levels. 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 bullish day on Saturday.
Bitcoin Cash SV surged by 61.14% to lead the pack, with Chainlink rallying by 15.41%.
Cardano’s ADA (+8.99%), Ethereum (+5.27%), and Polkadot (+5.97%) also made solid gains.
Binance Coin (+3.71%), Crypto.com Coin (+3.40%), Litecoin (+3.14%), and Ripple’s XRP (+1.36%) trailed the front runners.
In the current week, the crypto total market cap slid to a Monday low $735.72bn before rising to a Friday high $1,115.32bn. At the time of writing, the total market cap stood at $1,086.23bn.
Bitcoin’s dominance fell to a Monday low 67.66% before rising to a Friday high 71.37%. At the time of writing, Bitcoin’s dominance stood at 69.47%.
This Morning
At the time of writing, Bitcoin was up by 0.85% to $40,510.0. A bullish start to the day saw Bitcoin rise from an early morning low $40,170.0 to a high $40,540.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV (-6.14%) and Polkadot (-0.34%) saw red early on to buck the trend.
It was a bullish start to the day for the rest of the majors, however.
At the time of writing, Chainlink was up by 1.89% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $40,089 to bring the first major resistance level at $41,478 into play.
Support from the broader market would be needed for Bitcoin to break out from Saturday’s high $41,399.0.
Barring an extended crypto rally, first major resistance level and resistance at $41,500 would likely cap any upside.
In the event of another extended crypto rally, Bitcoin could test resistance at $43,500 before any pullback. The second major resistance level sits at $42,788.
Failure to avoid a fall through the $40,089 pivot would bring the first major support level at $38,779 into play.
Barring another extended crypto sell-off, Bitcoin should continue to steer clear of sub-$38,000 levels. The second major support level sits at $37,390.
This article was originally posted on FX Empire
