The Crypto Daily – The Movers and Shakers – December 29th, 2020

It’s a mixed start to the day for the majors. A Bitcoin move through to $27,500 should deliver support.
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Bitcoin, BTC to USD, rose by 3.09% on Monday. Reversing a 0.69% fall from Sunday, Bitcoin ended the day at $27,053.0.

It was another mixed start to the day. Bitcoin fell to an early morning intraday low $26,068.1 before making a move.

Steering clear of the first major support level at $25,279, Bitcoin rallied to an early afternoon intraday high $27,442.0.

Falling short of the first major resistance level at $27,723, however, Bitcoin briefly fell back to sub-$27,000 levels before wrapping up the day at $27,000 levels.

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 Monday.

Ripple’s XRP slid by 12.73% to buck the trend on the day.

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

Polkadot surged by 24.53% to lead the pack, with Cardano’s ADA rallying by 13.98%.

Binance Coin (+6.70%) and Ethereum (+6.66%) also found strong support on the day.

Bitcoin Cash SV (+1.63%), Chainlink (+3.89%), Crypto.com Coin (+3.66%), and Litecoin (+1.58%) trailed the front runners, however.

At the start of the week, the crypto total market cap fell to a Monday low $684.42bn before rising to a Monday high $738.60bn. At the time of writing, the total market cap stood at $711.79bn.

Bitcoin’s dominance rose to an early Monday high 70.81% before falling to a low 69.13%. At the time of writing, Bitcoin’s dominance stood at 69.88%.

This Morning

At the time of writing, Bitcoin was down by 0.97% to $26,790.0. A mixed start to the day saw Bitcoin rise to an early morning high $27,076.0 before falling to a low $26,736.1.

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

Elsewhere, it was a mixed start to the day.

Cardano’s ADA (+6.35%) and Bitcoin Cash SV (+1.00%) bucked the trend early on.

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

At the time of writing, Ripple’s XRP was down by 3.68% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $26,854 to bring the first major resistance level at $27,641 into play.

Support from the broader market would be needed for Bitcoin to break out from Monday’s high $27,442 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $27,500 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $28,500 before any pullback. The second major resistance level sits at $28,228.

Failure to move back through the $26,854 pivot would bring the first major support level at $26,267 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$26,000 levels. The second major support level sits at $25,481.

 

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