The Crypto Daily – Movers and Shakers -02/05/20After a bullish start to the month, the majors find early support. Bitcoin would need to break back through to $9,000, however, to spur another breakout.
Bitcoin rose by 2.23% on Friday. Reversing a 1.71% fall from Thursday, Bitcoin ended the day at $8,822.8.
A bullish start to the day saw Bitcoin rally from an early morning intraday low $8,626.5 to a late morning intraday high $9,070.0.
Falling short of the first major resistance level at $9,243.80, Bitcoin fell back to sub-$8,700 levels.
Steering clear of the major support levels, Bitcoin recovered to $8,800 levels to wrap up the day in the green.
The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.
For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.
The Rest of the Pack
Across the rest of the majors, it was a bullish day for the pack on Friday.
Cardano’s ADA and Stellar’s Lumen rallied by 7.17% and by 6.37% to lead the way.
Binance Coin (+3.07%), Ethereum (+2.85%), and Tron’s TRX (+4.22%) also found strong support.
Bitcoin Cash ABC (+1.62%), Bitcoin Cash SV (+1.70%), EOS (+1.53%), Litecoin (+1.55%) Monero’s XMR (+1.62%), Ripple’s XRP (+2.94%), and Tezos (+1.58%) saw more modest gains on the day.
Through the current week, the crypto total market cap rose from a Monday low $220.56bn to a Thursday high $263.29bn. At the time of writing, the total market cap stood at $249.47bn.
While Bitcoin’s dominance recovered to 64% levels following Wednesday’s breakout before breaking through to 65% levels. At the time of writing, Bitcoin’s dominance stood at 65.4%.
24-hour trading volumes rose from sub-$130bn levels to a Thursday high $253.89bn before easing back. At the time of writing, 24-hr volumes stood at $152.80bn.
At the time of writing, Bitcoin was up by 0.19% to $8,840.0. A mixed start to the day saw Bitcoin fall to an early morning low $8,764.5 before striking a high $8,843.7.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day for the majors.
Bitcoin Cash ABC (-0.26%), Bitcoin Cash SV (-0.06%), Cardano’s ADA (-0.22%) and Tron’s TRX (-0.49%) saw red early on.
Tezos and Monero’s XMR led the way, however, with gains of 1.00% and 0.99% respectively.
For the Bitcoin Day Ahead
Bitcoin would need to move through to $8,850 levels to support a run at the first major resistance level at $9,053.03.
Support from the broader market would be needed, however, for Bitcoin to break back through to $9,000 levels.
Barring an extended crypto rally, the first major resistance level and Friday’s high $9,070.0 would likely limit any upside on the day.
In the event of another breakout, the second major resistance level at $9,283.27 would come into play.
Failure to move through to $8,850 levels could see Bitcoin struggle later in the day.
A fall back through to sub-$8,800 levels would bring the first major support level at $8,609.53 into play.
Barring a crypto meltdown, however, Bitcoin should steer of the second major support level at $8,396.27.