The Crypto Daily – Movers and Shakers – December 24th, 2020

It’s a mixed start to the day for the majors after Wednesday’s sell-off. A Bitcoin move back through to $24,000 levels would steady the ship.
Ripple, Dash coin, Bitcoin, Monero and Ethereum

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Bitcoin, BTC to USD, fell by 2.50% on Wednesday. Partially reversing a 4.82% rally from Tuesday, Bitcoin ended the day at $23,208.0.

It was another mixed start to the day. Bitcoin rose to an early morning high $24,013.7 before hitting reverse.

Falling well short of the day’s major resistance levels, Bitcoin slid to a late morning low $22,855.0.

Steering clear of the first major support level at $22,832, Bitcoin rallied to an early afternoon intraday high $24,144.0.

Falling short of the first major resistance level at $24,296, Bitcoin slid to a late intraday low $22,655.0.

Bitcoin fell through the first major support level at $22,832 before a partial recovery to $23,200 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 a particularly bearish day on Wednesday.

Ripple’s XRP tumbled by 41.71% to lead the way down.

Cardano’s ADA (-12.71%), Chainlink (-14.10%), and Litecoin (-10.44%) also saw heavy losses on the day.

Binance Coin (-6.98%), Bitcoin Cash SV (-9.02%), Crypto.com Coin (-2.98%), Ethereum (-8.11%), and Polkadot (-6.11%) also struggled, however.

In the current week, the crypto total market cap rose to a Monday high $671.50bn before sliding to a Monday low $601.73bn. At the time of writing, the total market cap stood at $607.39bn.

Bitcoin’s dominance rose from a Monday low 66.74% to a Wednesday high of 70.75%. At the time of writing, Bitcoin’s dominance stood at 70.18%.

This Morning

At the time of writing, Bitcoin was down by 1.06% to $22,962.0. A bearish start to the day saw Bitcoin fall from an early morning high $23,211.4 to a low $22,791.0.

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

Elsewhere, it was a mixed start to the day.

Polkadot and Ripple’s XRP were up by 0.31% and by 2.97% to buck the trend early on.

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

At the time of writing, Crypto.com Coin was down by 6.31% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $23,336 to bring the first major resistance level at $24,016 into play.

Support from the broader market would be needed for Bitcoin to break back through to $24,000 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high of $24,144.0 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $24,500 before any pullback. The second major resistance level sits at $24,825.

Failure to move through the $23,336 pivot would bring the first major support level at $22,526 into play.

Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$22,000 levels. The second major support level sits at $21,847.

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