The Crypto Daily – Movers and Shakers – December 23rd, 2020
Bitcoin, BTC to USD, rallied by 4.82% on Tuesday. Reversing a 3.05% fall from Monday, Bitcoin ended the day at $23,805.9.
It was another mixed start to the day. Bitcoin fell to a late morning intraday low $22,348.0 before making a move.
Steering clear of the first major support level at $21,705, Bitcoin rallied to a late intraday high $23,812.0.
Falling short of the first major resistance level at $23.898, Bitcoin eased back to end the day at $23,805 levels.
The near-term bullish trend remained intact, supported by the latest breakthrough to $24,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $11,733 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Tuesday.
Bitcoin Cash SV (-2.29%), Crypto.com Coin (-2.11%), and Ripple’s XRP (-13.20%) saw red to buck the trend on the day.
It was a bullish day for the rest of the majors.
Litecoin rallied by 9.40% to lead the way.
Binance Coin (+4.56%), Chainlink (+3.95%), and Ethereum (+4.73%) also found strong support.
Cardano’s ADA (+2.36%), and Polkadot (+0.85%) trailed the front runners on the day.
At the start of the week, the crypto total market cap rose to a Monday high $671.47bn before sliding to a low $601.73bn. At the time of writing, the total market cap stood at $648.64bn.
Bitcoin’s dominance rose from a Monday low 66.74% to a Tuesday high of 68.36%. At the time of writing, Bitcoin’s dominance stood at 68.18%.
This Morning
At the time of writing, Bitcoin was down by 0.13% to $23,774.0. A mixed start to the day saw Bitcoin fall to an early morning low $23,691.0 before rising to a high $23,853.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (+1.76%), Bitcoin Cash SV (+2.62%), Cardano’s ADA (+0.18%), and Polkadot (+0.28%) found early support.
It was a bearish start for the rest of the majors, however.
At the time of writing, Ripple’s XRP was down by 5.42% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $23,322 to bring the first major resistance level at $24,296 into play.
Support from the broader market would be needed for Bitcoin to break back through to $24,000 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of another extended crypto rally, Bitcoin could test resistance at $24,500 before any pullback. The second major resistance level sits at $24,786.
Failure to avoid a fall through the $23,322 pivot would bring the first major support level at $22,832 into play.
Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$22,000 levels. The second major support level sits at $21,858.
This article was originally posted on FX Empire