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The Crypto Daily – Movers and Shakers – January 30th, 2021

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Bob Mason
·3 min read
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Bitcoin, BTC to USD, rose by 2.63% on Friday. Following on from a 9.70% rally on Thursday, Bitcoin ended the day at $34,253.0.

A mixed start to the day saw Bitcoin fall to a late morning intraday low $31,987.0 before making a move.

While steering clear of the first major support level at $30,927, Bitcoin fell through the 23.6% FIB of $33,008.

Finding late morning support, Bitcoin rallied to an early afternoon intraday high $38,710.7 before hitting reverse.

Bitcoin broke through the first major resistance level at $34,809 and the second major resistance level at $36,246.

More significantly, Bitcoin also broke back through the 23.6% FIB of $33,008.

The reversal, however, saw Bitcoin slide back through the major resistance levels to revisit sub-$34,000 levels.

Steering clear of the 23.6% FIB, Bitcoin moved back through to $34,000 levels to deliver the upside on the day.

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 Friday.

Chainlink (-1.37%) and Polkadot (-2.97%) saw red to buck the trend on the day.

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

Ripple’s XRP rallied by 6.89% to lead the pack

Ethereum (+3.47%), Crypto.com Coin (+3.65%), and Bitcoin Cash SV (+3.47%) also found strong support.

Binance Coin (+0.41%), Cardano’s ADA (+0.60%), and Litecoin (+0.88%) trailed the front runners, however.

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 $997.86bn.

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 64.21%.

This Morning

At the time of writing, Bitcoin was up by 0.69% to $34,490.0. A mixed start to the day saw Bitcoin fall to an early morning low $34,244.7 before striking a high $34,900.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV and Ripple’s XRP were up by 1.12% and by 0.52% to join Bitcoin in the green.

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

At the time of writing, Crypto.com Coin was down by 4.09% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $34,984 to bring the first major resistance level at $37,980 into play.

Support from the broader market would be needed for Bitcoin to break back through to $37,000 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $38,710.7 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $40,000 before any pullback. The second major resistance level sits at $41,707.

Failure to move through the $34,984 pivot would bring 23.6% FIB of $33,008 and the first major support level at $31,256 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$30,000 levels. The second major support level sits at $28,260.

This article was originally posted on FX Empire

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