The Crypto Daily – Movers and Shakers – December 22nd, 2020

It’s a mixed start to the day. A Bitcoin move through to $23,500 levels should support the broader market.
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Bitcoin, BTC to USD, fell by 3.05% on Monday. Following on from a 1.57% decline on Sunday, Bitcoin ended the day at $22,712.3.

It was another mixed start to the day. Bitcoin rose to an early morning intraday high $24,077.0 before hitting reverse.

Coming up against the first major resistance level at $24,080, Bitcoin slid to a mid-day intraday low $21,884.0.

The sell-off saw Bitcoin fall through the first major support level at $22,937 and the second major support level at $22,445.

Finding support in the 2nd half of the day, Bitcoin briefly revisited $23,200 levels before sliding back to sub-$23,000.

Bitcoin fell back through the first major support level to wrap up the day at $22,700 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 $11,733 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was also a bearish start to the week.

Crypto.com Coin (-8.32%) and Litecoin (-8.91%) led the way down.

Binance Coin (-6.48%), Cardano’s ADA (-5.67%), Chainlink (-5.67%), and Ripple’s XRP (-7.43%) also saw heavy losses on the day.

Bitcoin Cash SV (-4.92%), Ethereum (-4.72%), and Polkadot (-2.94%) saw relatively modest losses, however.

At the start of the week, the crypto total market cap rose to a Monday high $666.88bn before sliding to a low $606.33bn. At the time of writing, the total market cap stood at $624.66bn.

Bitcoin’s dominance rose from a Monday low of 66.88% to a Monday high of 67.50%. At the time of writing, Bitcoin’s dominance stood at 67.25%.

This Morning

At the time of writing, Bitcoin was down by 0.55% to $22,587.9. A mixed start to the day saw Bitcoin rise to an early morning high $22,915.0 before falling to a low $22,587.9.

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

Elsewhere, it was a mixed start to the day.

Ethereum (+0.14%), Litecoin (+0.71%), and Polkadot (+0.10%) found early support to buck the trend early on.

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

At the time of writing, Crytpo.com Coin was down by 4.54% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $22,891 to bring the first major resistance level at $23,898 into play.

Support from the broader market would be needed for Bitcoin to break back through to $23,500 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $24,000 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $25,000 before any pullback. The second major resistance level sits at $25,084.

Failure to move through the $22,891 pivot would bring the first major support level at $21,705 into play.

Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$21,000 levels. The second major support level sits at $20,698.

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