The Crypto Daily – Movers and Shakers – February 10th, 2021

Bitcoin, BTC to USD, rose by 0.09% on Tuesday. Consolidating Monday’s 19.57% surge, Bitcoin ended the day at $46,488.0.

A bullish start to the day saw Bitcoin rally to a mid-morning intraday high and new swing high $48,277.0.

Falling short of the first major resistance level at $49,424, Bitcoin slid to an early afternoon intraday low $45,060.0.

Steering well clear of the first major support level at $40,705, however, Bitcoin revisited $48,000 levels before easing back.

A late pullback saw Bitcoin revisit negative territory before ending the day at $46,480 levels

The near-term bullish trend remained intact, supported by the Tuesday’s new swing hi $48,277.0. For the bears, Bitcoin would need to slide through the 62% FIB of $20,914 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Tuesday.

Binance Coin surged by 34.54% to lead the way.

Bitcoin Cash SV (+13.22%), Chainlink (+8.61%), and Litecoin (+8.54%) trailed in spite of strong rallies.

Cardano’s ADA (+4.24%), Crypto.com Coin (+2.99%), and Ripple’s XRP (+5.54%) also made solid gains.

Ethereum (+1.09%) and Polkadot (+0.20%) trailed the front runners, however.

At the start of the week, the crypto total market cap fell to a Monday low $1,145.36bn before surging to a Tuesday high $1,431.79bn. At the time of writing, the total market cap stood at $1,378.43bn.

Bitcoin’s dominance fell to a Monday low 61.54% before jumping to aTuesday high 64.83%. At the time of writing, Bitcoin’s dominance stood at 63.11%.

 

This Morning

At the time of writing, Bitcoin was up by 0.52% to $46,731.0. A mixed start to the day saw Bitcoin fall to an early morning low $46,128.0 before striking a high $46,900.0.

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

Elsewhere, it was a mixed start to the day.

Chainlink and Litecoin were down by 0.54% and by 0.80% to buck the trend early on.

It was a bullish start fo the rest of the majors, however.

At the time of writing, Cardano’s ADA was up by 6.41% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $46,608 to bring the first major resistance level at $48,157 into play.

Support from the broader market would be needed for Bitcoin to break back through to $48,000 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s new swing hi $48,277.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $50,000. The second major resistance level sits at $49,825.

Failure to avoid a fall back through the $46,608 pivot would bring the first major support level at $44,940 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $43,391.