The Crypto Daily – Movers and Shakers – February 5th, 2021
Bitcoin, BTC to USD, fell by 1.90% on Thursday. Partially reversing a 5.88% rally from Wednesday, Bitcoin ended the day at $36,951.5.
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A mixed start to the day saw Bitcoin rise to a late morning intraday high $38,750.0 before hitting reverse.
Bitcoin broke through the first major resistance level at $38,406 before sliding to a mid-afternoon intraday low $36,222.0.
Finding support at the first major support level at $36,200, Bitcoin revisited $37,800 levels before sliding back into the red.
The near-term bullish trend remained intact, in spite of the recent pullback to sub-$40,000. 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 Thursday.
Ripple’s XRP jumped by 12.12% to lead the way, with Binance Coin rallying by 7.32%.
It was a bearish day for the rest of the majors, however.
Litecoin slid by 7.06% to lead the way down.
Bitcoin Cash SV (-3.80%), Chainlink (-2.26%), Crypto.com Coin (-4.77%) Ethereum (-4.26%), and Polkadot (-3.83%) also struggled.
Cardano’s ADA saw a relatively modest 0.67% loss on the day.
In the current week, the crypto total market cap fell to a Monday low $938.94bn before rising to a Thursday high $1,175.84bn. At the time of writing, the total market cap stood at $1,118.40bn.
Bitcoin’s dominance rose to a Monday high 64.11% before sliding to a Thursday low 61.36%. At the time of writing, Bitcoin’s dominance stood at 61.94%.
This Morning
At the time of writing, Bitcoin was up by 0.54% to $37,150.0. A mixed start to the day saw Bitcoin fall to an early morning low $36,791.0 before rising to a high $37,234.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bullish start to the day for the majors.
At the time of writing, Cardano’s ADA was up by 3.45% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the pivot level at $37,308 to bring the first major resistance level at $38,394 into play.
Support from the broader market would be needed for Bitcoin to break back through to $38,000 levels.
Barring an extended crypto rally, the first major resistance level and Thursday’s high $38,750.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test he second major resistance level at $39,836 and a Thursday resistance at $40,000.
Failure to move through the $37,308 pivot would bring the first major support level at $35,866 into play.
Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$35,000 levels. The second major support level sits at $34,780.