The Crypto Daily – Movers and Shakers – February 3rd, 2021

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.

Ethereum jumped by 10.12% to lead the way, with Litecoin rallying by 7.65%.

Bitcoin Cash SV (+3.13%), Cardano’s ADA (+4.11%), Chainlink (+3.49%), and Crypto.com Coin (+4.01%) also found strong support.

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%.

This Morning

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.