The Crypto Daily – Movers and Shakers – December 31st, 2020

Bitcoin’s on the move early on. Avoiding the pivot at $28,390 would give the Bitcoin bulls a run a $30,000…
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Bitcoin, BTC to USD, rallied by 5.74% on Wednesday. Following on from a 1.01% gain on Tuesday, Bitcoin ended the day at $28,880.0.

It was a bullish start to the day. Bitcoin rose from an early morning intraday low $27,312.0 to a late morning high of $28,587.00.

The early rally saw Bitcoin break through the first major resistance level at $27,810 and the second major resistance level at $28,305.

Falling short of $29,000 levels, Bitcoin fell back through the major resistance levels to sub-$27,500 levels.

Finding late support, however, Bitcoin rallied to a late intraday high and a new swing hi $28,977.0.

Bitcoin broke back through the first and second major resistance levels to wrap up the day at $28,800 levels.

Resistance at $29,000 pinned Bitcoin back late in the day.

The near-term bullish trend remained intact, supported by the latest breakthrough to $28,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $13,261 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Wednesday.

Polkadot slumped by 9.10% to lead the way down, with Ripple’s XRP sliding by 4.51%.

Binance Coin (-2.28%), Cardano’s ADA (-3.71%), Chainlink (-4.36%), also saw red on the day.

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

Bitcoin Cash SV (+2.80%) Crypto.com Coin (+1.21%), Ethereum (+2.88%), and Litecoin (+1.10%) joined Bitcoin in the green.

In the current week, the crypto total market cap fell to a Tuesday low $678.76bn before rising to a Wednesday high $769.06bn. At the time of writing, the total market cap stood at $760.80bn.

Bitcoin’s dominance fell to a Monday low 69.13% before rising to a Wednesday high 71.45%. At the time of writing, Bitcoin’s dominance stood at 71.37.

This Morning

At the time of writing, Bitcoin was up by 1.07% to $29,189.0. A bullish start to the day saw Bitcoin rise from an early morning low $28,878.2 to a new swing hi $29,286.0.

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

Elsewhere, it was another mixed start to the day.

Bitcoin Cash SV (+0.75%), Crypto.com Coin (+1.37%), Polkadot (+2.22%), and Ripple’s XRP (+0.96% joined Bitcoin in the green early on.

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

At the time of writing, Binance Coin was down by 1.11% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $28,390 to bring the first major resistance level at $29,467 into play.

Support from the broader market would be needed for Bitcoin to break out from the morning high $29,286.0.

Barring an extended crypto rally, the first major resistance level and resistance at $29,500 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $30,000 before any pullback. The second major resistance level sits at $30,055.

Failure to avoid a fall through the $28,390 pivot would bring the first major support level at $27,802 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$27,000 levels. The second major support level sits at $26,725.

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