The Crypto Daily – Movers and Shakers – February 1st, 2021

Bitcoin, BTC to USD, fell by 3.48% on Saturday. Reversing a 0.17% gain from Saturday, Bitcoin ended the week up by 2.51% to $33,138.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $34,407.0 before hitting reverse.

Falling short of the first major resistance level at $35,238 Bitcoin fell to a late afternoon intraday low $32,228.0.

Bitcoin fell through the first major support level at $33.136 and the 23.6% FIB of $33,008.

Finding late afternoon support, Bitcoin broke back through the 23.6% FIB and first major support level to end the day at $33,138.0.

The near-term bullish trend remained intact, in spite of the recent sell-off. 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.

Ripple’s XRP rallied by 11.56% to lead the way, with Polkadot rising by 0.95% to also buck the trend.

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

Crypto.com Coin slid by 6.35% to lead the way down.

Cardano’s ADA (-5.44%), Chainlink (-4.45%), and Ethereum (-4.79%) also saw relatively heavy losses.

Binance Coin  (-1.00%), Bitcoin Cash SV (-0.55%), and Litecoin (-2.96%) saw relatively modest losses on the day.

It was also a mixed week for the crypto majors.

Ripple’s XRP surged by 81.2% to lead the way.

Binance Coin (+6.02%) also joined Bitcoin in the green.

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

Crypto.com Coin and Polkadot slid by 14.74% and by 12.59% respectively to lead the way down.

Chainlink (-8.91%), Ethereum (-5.75%), and Litecoin (-8.21%) also struggled.

Bitcoin Cash SV (-1.33%) and Cardano’s ADA (-2.51%) saw relatively modest losses, however.

In the week, the crypto total market cap fell to a Wednesday low $847.51bn before rising to a Friday high $1,136.27bn. At the time of writing, the total market cap stood at $959.01bn.

Bitcoin’s dominance rose to a Friday high 65.93% before falling to a Sunday low 62.40%. At the time of writing, Bitcoin’s dominance stood at 63.19%.

This Morning

At the time of writing, Bitcoin was down by 1.71% to $32,570.0. A mixed start to the day saw Bitcoin rise to an early morning high $33,125.0 before falling to a low $32,333.0

While leaving the major support and resistance levels untested, Bitcoin fell through the 23.6% FIB of $33,008.

Elsewhere, it was a bearish start to the day.

At the time of writing, Ripple’s XRP was down by 4.47% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the 23.6% FIB of $33,008 and the pivot level at $33,258 to bring the first major resistance level at $34,287 into play.

Support from the broader market would be needed for Bitcoin to break back through to $34,000 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $34,407.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $36,000 before any pullback. The second major resistance level sits at $35,437.

Failure to move through the 23.6% FIB and the $33,258 pivot would bring the first major support level at $32,108 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$31,000 levels. The second major support level at $31,079 should limit the downside.