The Crypto Daily – Movers and Shakers – February 3rd, 2021It’s a mixed start to the day for the majors. A Bitcoin move through to $37,000 levels would support a breakout day for the pack.
Bitcoin, BTC to USD, rallied by 5.98% on Tuesday. Following on from a 1.35% gain on Monday, Bitcoin ended the day at $35,577.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $33,500.0 before making a move.
Steering clear of the 23.6% FIB of $33,008 and the first major support level at $32,364, Bitcoin rallied to a late intraday high $36,054.0.
Bitcoin broke through the first major resistance level at $34,738 and the second major resistance level at $35,909.
A late pullback, however, saw Bitcoin fall back through the second major resistance level to end the day at sub-$35,600 levels.
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 Tuesday.
Binance Coin (-0.78%) and Polkadot (-1.27%) saw red to buck the trend on the day.
It was a bullish day for the rest of the majors, however.
Ripple’s XRP (+0.34%) trailed the front runners, however.
At the start of the week, the crypto total market cap fell to a Monday low $939.07bn before rising to a Tuesday high $1,080.74bn. At the time of writing, the total market cap stood at $1,066.34bn.
Bitcoin’s dominance fell to a Monday low 61.48% before rising to a Monday high 64.10%. At the time of writing, Bitcoin’s dominance stood at 63.12%.
At the time of writing, Bitcoin was up by 1.73% to $36,192.0. A mixed start to the day saw Bitcoin fall to an early morning low $35,485.0 before rising to a high $36,305.1
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day for the broader market.
Cardano’s ADA (-0.44%), Chainlink (-0.14%), and Polkadot (-1.23%) saw red early on to buck the trend.
It was a bullish start for the rest of the majors, however.
At the time of writing, Litecoin was up by 5.25% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $35,044 to bring the first major resistance level at $36,587 into play.
Support from the broader market would be needed for Bitcoin to break out from this morning’s high $36,305.1.
Barring an extended crypto rally, the first major resistance level and resistance at $37,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $38,000 before any pullback. The second major resistance level sits at $37,598.
Failure to avoid a fall through the $35,044 pivot would bring the first major support level at $34,033 into play.
Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$34,000 levels and the 23.6% FIB of $33,008. The second major support level sits at $32,490.