The Crypto Daily – Movers and Shakers – January 11th, 2021

by Warrior2

It’s a bearish start to the day for the majors. A Bitcoin move back through to $40,000 levels would support a broad-based recovery.

Bitcoin, BTC to USD, slid by 4.90% on Sunday. Following on from a 0.82% decline on Saturday, Bitcoin ended the week up by 15.79% to $38,200.0.

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It was a mixed start to the day. Bitcoin rose to an early morning intraday high $41,399 before hitting reverse.

Falling short of the first major resistance level at $41,478, Bitcoin slid to a late intraday low $35,260.0.

The sell-off saw Bitcoin fall through the first major support level at $38,779 and the second major support level at $37,390.

Steering clear of sub-$35,000 support levels, however, Bitcoin revisited $38,900 levels before easing back.

The first major support level pinned Bitcoin back late in the day.

The near-term bullish trend remained intact, supported by the latest breakthrough to $41,000 levels. 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 Sunday.

Polkadot bucked the trend on the day, rising by a modest 0.23%.

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

Bitcoin Cash SV  slid by 11.27% to lead the way down, with Cardano’s ADA (-9.16%) and Chainlink (-7.90%) also seeing heavy losses.

Binance Coin (-3.54%), Coin (-1.34%), Ethereum (-2.04%), Litecoin (-4.32%), and Ripple’s XRP (-3.16%) also struggled, however.

For the week, it was also mixed for the majors.

Polkadot bucked the trend for the week, falling by 20.7%.

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

Bitcoin Cash SV (+48.6%), Cardano’s ADA (+45.9%), Coin (+35.4%), and Ripple’s XRP (+39.65%) led the way.

Chainlink (+18.11%) and Ethereum (+28.02%) also saw solid gains, while Litecoin rose by just 5.43%.

In the week, the crypto total market cap slid to a Monday low $735.72bn before rising to a Sunday high $1,109.78bn. At the time of writing, the total market cap stood at $1,018.17bn.

Bitcoin’s dominance fell to a Monday low 67.66% before rising to a Friday high 71.37%. At the time of writing, Bitcoin’s dominance stood at 68.93%.Advertisement

This Morning

At the time of writing, Bitcoin was down by 1.69% to $37,556.0. A mixed start to the day saw Bitcoin rise to an early morning high $38,277.0 before falling to a low $37,435.0.

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

Elsewhere, it was a bearish start to the day.

At the time of writing, Coin was down by 7.03% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $38,286 to bring the first major resistance level at $41,313 into play.

Support from the broader market would be needed for Bitcoin to break back through to $40,000 levels.

Barring an extended crypto rally, first major resistance level and Sunday’s high $41,399 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $44,000 before any pullback. The second major resistance level sits at $44,425.

Failure to move through the $38,286 pivot would bring the first major support level at $35,174 into play.

Barring another extended crypto sell-off, Bitcoin should steer well clear of the 23.6% FIB of $33,008. The second major support level sits at $32,147.

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