The Crypto Daily – Movers and Shakers – January 5th, 2021

It’s a bullish start to the day for the crypto majors. A Bitcoin move back through to $34,000 would signal a breakout.
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Bitcoin, BTC to USD, slid by 3.03% on Monday. Reversing a 2.43% gain from Sunday, Bitcoin ended the day at $31,990.0.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $33,593.6 before hitting reverse.

Falling short of the first major resistance level at $34,569, Bitcoin slid to a late morning intraday low $28,540.00.

Bitcoin slid through the first major support level at $31,671 and the second major support level at $30,374.

Avoiding sub-$28,000 levels, Bitcoin revisited $32,000 levels before easing back.

The near-term bullish trend remained intact, supported by the latest breakthrough to $34,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $15,794 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.

Cardano’s ADA (+8.92%), Crypto.com Coin (+7.91%), Ethereum (+6.32%), and Ripple’s XRP (+4.54%) bucked the trend on the day.

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

Bitcoin Cash SV (-4.06%), Litecoin (-3.72%), and Polkadot (-3.16%) led the way down.

Binance Coin (-0.57%) and Chainlink (-0.53%), saw relatively modest losses on the day.

At the start of the week, the crypto total market cap rose to a Monday high $910.09bn before sliding to a Monday low $749.51bn. At the time of writing, the total market cap stood at $892.50bn.

Bitcoin’s dominance fell from a Monday high 70.50% to a Monday low 68.17%. At the time of writing, Bitcoin’s dominance stood at 68.43%.

This Morning

At the time of writing, Bitcoin was up by 2.72% to $32,861.0. A bullish start to the day saw Bitcoin rise from an early morning low $31,991.0 to a high $32,861.0.

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

Elsewhere, it was also a bullish start to the day for the crypto majors.

At the time of writing, Ethereum was up by 8.48% to lead the pack.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $31,375 to bring the first major resistance level at $34,209 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 resistance at $34,500 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 $36,428.

Failure to avoid a fall through the $31,375 pivot would bring the first major support level at $29,156 into play.

Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$29,000 levels. The second major support level sits at $26,321.

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