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The Crypto Daily – The Movers and Shakers – January 1st, 2021

Bob Mason
·3 min read

Bitcoin, BTC to USD, rose by 0.18% on Thursday. Following a 5.74% rally on Wednesday, Bitcoin ended the day at $28,938.5.

It was a bullish start to the day. Bitcoin rose to an early morning intraday high and a new swing hi $29,286.0 before hitting reverse.

Falling short of the first major resistance level at $29,467, Bitcoin slid to an early afternoon intraday low $27,557.0.

The pullback saw Bitcoin fall through the first major support level at $27,802 before finding support.

Late in the day, Bitcoin briefly revisited $29,150 levels before falling back to end the day at sub-$29,000 levels.

The near-term bullish trend remained intact, supported by the latest breakthrough to $29,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $13,659 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was another mixed day on Thursday.

Polkadot surged 27.85% to lead the way, with Ripple’s XRP (+3.82%) also joining Bitcoin in the green.

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

Litecoin led the way down, sliding by 4.37%.

Binance Coin (-1.78%), Bitcoin Cash SV (-2.14%), Crypto.com Coin (-1.54%), and Ethereum (-2.02%) also struggled.

Cardano’s ADA (-1.03%) and Chainlink (-0.07%) saw relatively modest losses on the day.

In the current week, the crypto total market cap fell to a Tuesday low $678.76bn before rising to an early Friday high $776.82bn. At the time of writing, the total market cap stood at $770.69bn.

Bitcoin’s dominance fell to a Monday low 69.13% before rising to a Thursday high 71.55%. At the time of writing, Bitcoin’s dominance stood at 71.01.

This Morning

At the time of writing, Bitcoin was up by 1.38% to $29,388.0. A mixed start to the day saw Bitcoin fall to an early morning low $28,716.0 before rising to a new swing hi $29,488.0.

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

Elsewhere, it was another mixed start to the day.

Bitcoin Cash SV and Polkadot were down by 0.50% and by 3.53% to buck the trend early on.

It was a bullish start for the rest of the majors.

At the time of writing, Ripple’s XRP was up by 6.39% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $28,594 to bring the first major resistance level at $29,639 back into play.

Support from the broader market would be needed for Bitcoin to break out from the morning high $29,488.0.

Barring an extended crypto rally, the first major resistance level and resistance at $30,000 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $30,500 before any pullback. The second major resistance level sits at $30,322.

Failure to avoid a fall through the $28,594 pivot would bring the first major support level at $27,902 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$27,500 levels. The second major support level sits at $26,865.

This article was originally posted on FX Empire

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