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The Crypto Daily – Movers and Shakers – February 5th, 2021

By:
Bob Mason
Published: Feb 5, 2021, 01:23 GMT+00:00

It's a bullish start to the day for the majors. A Bitcoin move through to $38,000 would bring $40,000 levels back into play.

Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple

In this article:

Bitcoin, BTC to USD, fell by 1.90% on Thursday. Partially reversing a 5.88% rally from Wednesday, Bitcoin ended the day at $36,951.5.

A mixed start to the day saw Bitcoin rise to a late morning intraday high $38,750.0 before hitting reverse.

Bitcoin broke through the first major resistance level at $38,406 before sliding to a mid-afternoon intraday low $36,222.0.

Finding support at the first major support level at $36,200, Bitcoin revisited $37,800 levels before sliding back into the red.

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 Thursday.

Ripple’s XRP jumped by 12.12% to lead the way, with Binance Coin rallying by 7.32%.

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

Litecoin slid by 7.06% to lead the way down.

Bitcoin Cash SV (-3.80%), Chainlink (-2.26%), Crypto.com Coin (-4.77%) Ethereum (-4.26%), and Polkadot (-3.83%) also struggled.

Cardano’s ADA saw a relatively modest 0.67% loss on the day.

In the current week, the crypto total market cap fell to a Monday low $938.94bn before rising to a Thursday high $1,175.84bn. At the time of writing, the total market cap stood at $1,118.40bn.

Bitcoin’s dominance rose to a Monday high 64.11% before sliding to a Thursday low 61.36%. At the time of writing, Bitcoin’s dominance stood at 61.94%.

This Morning

At the time of writing, Bitcoin was up by 0.54% to $37,150.0. A mixed start to the day saw Bitcoin fall to an early morning low $36,791.0 before rising to a high $37,234.0.

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

Elsewhere, it was a bullish start to the day for the majors.

At the time of writing, Cardano’s ADA was up by 3.45% to lead the way.

BTCUSD 050221 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $37,308 to bring the first major resistance level at $38,394 into play.

Support from the broader market would be needed for Bitcoin to break back through to $38,000 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $38,750.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test he second major resistance level at $39,836 and a Thursday resistance at $40,000.

Failure to move through the $37,308 pivot would bring the first major support level at $35,866 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$35,000 levels. The second major support level sits at $34,780.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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