The Crypto Daily – Movers and Shakers – January 26th, 2021

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Bitcoin, BTC to USD, fell by 0.13% on Monday. Partially reversing a 0.69% gain from Sunday, Bitcoin ended the day at $32,285.0.

A bullish start to the day saw Bitcoin rally to an early afternoon intraday high $34,918.0 before hitting reverse.

Bitcoin broke through the 23.6% FIB of $33,008 and the first major resistance level at $33,256.

Coming up short of the second major resistance level at $34,331, Bitcoin slid to a late intraday low $31,966.0.

While Steering clear of the first major support level at $31,163, Bitcoin fell back through the 23.6% FIB.

Finding late support, Bitcoin briefly revisited $32,500 levels before falling back into the red.

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 Monday.

Bitcoin Cash SV and Crypto.com Coin rose by 1.56% and by 3.17% respectively to buck the trend on the day.

It was a bearish day for the rest of the majors.

Chainlink (-5.72%), Ethereum (-5.46%), and Polkadot (-4.28%) led the way down.

Binance Coin  (-0.18%), Cardano’s ADA (-3.00%), Litecoin (-2.86%), and Ripple’s XRP (-2.13%) also joined Bitcoin in the red.

At the start of the week, the crypto total market cap rose to a Monday high $1,038.16bn before falling to a Monday low $924.19bn. At the time of writing, the total market cap stood at $951.42bn.

Bitcoin’s dominance rose from a Monday low 62.54% to a high 64.32%. At the time of writing, Bitcoin’s dominance stood at 63.64%.

This Morning

At the time of writing, Bitcoin was up by 0.68% to $32,504.0. A mixed start to the day saw Bitcoin fall to an early morning low $31,768.9 before rising to a high $32,700.0.

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 losses of 1.54% and 5.07% respectively.

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

At the time of writing, Ethereum was up by 3.03% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through the 23.6% FIB of $33,008 and the pivot level at $33,056 to bring the first major resistance level at $34,147 into play.

Support from the broader market would be needed for Bitcoin to break back through to $34,000 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $34,918.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $37,000 before any pullback. The second major resistance level sits at $36,008.

Failure to move through the 23.6% FIB and the $33,056 pivot would bring the first major support level at $31,195 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of the second major support level at $30,104.

 

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