The Crypto Daily – Movers and Shakers – January 7th, 2021

It’s a mixed start to the day for the majors. The Bitcoin bulls will be eyeing $40,000 levels.
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Bitcoin, BTC to USD, jumped by 8.19% on Wednesday. Following on from a 6.23% rally on Tuesday, Bitcoin ended the day at $36,760.0.

It was a mixed start to the day. Bitcoin fell to an early morning intraday low $33,335.0 before making a move.

Steering clear of the first major support level at $31,066, Bitcoin rallied to a final hour intraday high and a new swing hi $36,932.0.

Bitcoin broke through the first major resistance level at $35,698 to test resistance at $37,000 before easing back.

The near-term bullish trend remained intact, supported by the breakthrough to $36,900 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $16,580 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 fell by 4.22% to buck the trend on the day.

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

Cardano’s ADA surged by 28.7% to lead the way once more.

Chainlink (+18.97%), Crypto.com Coin (+14.66%), Ethereum (+9.81%), and Ripple’s XRP (+9.97%) also made solid gains.

Binance Coin (+0.96%), Bitcoin Cash SV (+5.25%), Litecoin (+6.54%) trailed the front runners, however.

In the current week, the crypto total market cap slid to a Monday low $735.72bn before rising to a Wednesday high $1,016.45bn. At the time of writing, the total market cap stood at $998.31bn.

Bitcoin’s dominance rose to a Monday high 70.25% before falling to a Monday low 67.66%. At the time of writing, Bitcoin’s dominance stood at 69.18%.

This Morning

At the time of writing, Bitcoin was up by 0.77% to $37,044.6. A mixed start to the day saw Bitcoin fall to an early morning low $36,463.0 before rising to a new swing hi $37,344.0.

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

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

Binance Coin (-0.85%), Chainlink (-1.47%), Ethereum (-0.41%), and Polkadot (-0.28%) struggled early on.

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

At the time of writing, Crypto.com Coin was up by 4.08% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $35,676 to bring the first major resistance level at $38,016 into play.

Support from the broader market would be needed for Bitcoin to break out from the morning high $37,344.0.

Barring an extended crypto rally, first major resistance level would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $40,000 before any pullback. The second major resistance level sits at $39,273.

Failure to avoid a fall through the $35,676 pivot would bring the first major support level at $34,419 into play.

Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$33,000 levels. The second major support level sits at $32,079.

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