The Crypto Daily – Movers and Shakers – January 24th, 2021
Bitcoin, BTC to USD, fell by 2.81% on Saturday. Partially reversing a 7.02% rally from Friday, Bitcoin ended the day at $32,099.0.
Your capital is at risk
It was a mixed start to the day. Bitcoin fell to an early morning low $32,138.0 before making a move.
The early pullback saw Bitcoin fall through the 23.6% FIB of $33,008.
Steering clear of the major support levels, however, Bitcoin rose to a mid-morning intraday high $33,554.0.
Bitcoin broke back through the 23.6% FIB before hitting reverse.
Falling short of the first major resistance level at $34,942, Bitcoin slid to an early afternoon intraday low $31,439.4.
Bitcoin fell back through the 23.6% FIB, while steering clear of the first major support level at $30,081.
Finding support late in the day, Bitcoin briefly revisited $32,500 levels before easing back.
The near-term bullish trend remained intact, in spite of the latest 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 Saturday.
Chainlink and Polkadot jumped by 14.87% and by 12.53% respectively to lead the way.
Binance Coin (+0.09%), Ethereum (+0.09%), and Litecoin (+0.01%) also ended the day in the green.
It was a bearish day for the rest of the majors, however.
Bitcoin Cash SV slid by 4.55% to lead the way down.
Cardano’s ADA (-0.90%), Crypto.com Coin (-2.72%), and Ripple’s XRP (-0.12%) also joined Bitcoin in the red.
In the current week, the crypto total market cap rose to a Tuesday high $1,080.72bn before sliding to an early Saturday low $812.79bn. At the time of writing, the total market cap stood at $919.19bn.
Bitcoin’s dominance rose to a Monday high 67.47% before falling to a Saturday low 64.14%. At the time of writing, Bitcoin’s dominance stood at 64.33%.
This Morning
At the time of writing, Bitcoin was down by 0.88% to $31,815.0. A bearish start to the day saw Bitcoin fall from an early morning high $32,099.0 to a low $31,709.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV and Crypto.com Coin bucked the trend early on, with gains of 1.59% and 0.84% respectively.
It was a bearish start for the rest of the majors, however.
At the time of writing, Chainlink was down by 0.97% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the pivot level at $32,364 to bring the 23.6% FIB of $33,008 and the first major resistance level at $33,289 into play.
Support from the broader market would be needed for Bitcoin to break back through to $33,000 levels.
Barring an extended crypto rally, the 23.6% FIB and the first major resistance level would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $35,000 before any pullback. The second major resistance level sits at $34,479.
Failure to move through the $32,364 pivot would bring the first major support level at $31,174 into play.
Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$30,000 levels. The second major support level at $30,250 should limit the downside.