The Crypto Daily – Movers and Shakers – December 26th, 2020
Bitcoin, BTC to USD, rallied by 4.11% on Friday. Following on from a 2.31% gain on Thursday, Bitcoin ended the day at $24,720.1.
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It was another mixed start to the day. Bitcoin fell to an early morning low $23,420.0 before making a move.
Steering clear of the first major support level at $23,033, Bitcoin rallied to a late morning high $24,722.0.
Bitcoin broke through the first major resistance level at $24,122 and the second major resistance level at $24,501 before hitting reverse.
The reversal saw Bitcoin slide to an early afternoon intraday low $22,855.
Bitcoin fell through the first major support level at $23,033 before hitting a late intraday high and a new swing hi $24,802.0.
The rebound saw Bitcoin break back through the first and second major resistance levels to wrap up the day at $24,700 levels.
The near-term bullish trend remained intact, supported by the latest breakthrough to $24,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $11,946 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 (-0.29%), Polkadot (-2.20%), and Ripple’s XRP (-5.94%) saw red to buck the trend on the day.
It was a bullish day for the rest of the majors, however.
Litecoin rallied by 14.84% to lead the way.
Bitcoin Cash SV (+2.96%), Cardano’s ADA (+2.99%), and Crypto.com Coin (+3.96%) also found relatively strong support.
Binance Coin (+2.13%) and Ethereum (+2.37%) trailed the front runners, however.
In the current week, the crypto total market cap rose to a Monday high $671.50bn before sliding to a Wednesday low $590.85bn. At the time of writing, the total market cap stood at $657.72bn.
Bitcoin’s dominance rose from a Monday low 66.74% to a Wednesday high of 71.14%. At the time of writing, Bitcoin’s dominance stood at 69.49%.
This Morning
At the time of writing, Bitcoin was down by 0.51% to $24,594.0. A mixed start to the day saw Bitcoin rise to an early morning high $24,775.0 before falling to a low $24,550.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Ripple’s XRP (-2.02%), Cardano’s ADA (-0.29%), and Litecoin (-0.12%) joined Bitcoin in the red early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was up by 2.42% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $24,126 to bring the first major resistance level at $25,396 into play.
Support from the broader market would be needed for Bitcoin to break out from Friday’s high $24,802.0.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of another extended crypto rally, Bitcoin could test resistance at $26,000 before any pullback. The second major resistance level sits at $26,073.
Failure to avoid a fall through the $24,126 pivot would bring the first major support level at $23,449 into play.
Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$23,000 levels. The second major support level sits at $22,179.