The Crypto Daily – Movers and Shakers – February 7th, 2021It’s a bearish start to the day for the majors. A Bitcoin move back through to $40,000 would signal another breakout for the broader market.
Bitcoin, BTC to USD, rose by 2.54% on Saturday. Following on from a 3.56% gain on Friday, Bitcoin ended the day at $39,234.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $38,205.0 before making a move.
Steering clear of the first major support level at $37,099, Bitcoin rallied to a late afternoon intraday high $40,985.0.
Bitcoin broke through the first major resistance level at $38,894 and the second major resistance level at $39,527.
Falling short of the third major resistance level at $41,321 and the swing hi $41,969 Bitcoin fell back to end the day at sub-$40,000.
The near-term bullish trend remained intact, supported by the latest revisit to $40,000 levels. 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 Saturday.
Cardano’s ADA surged by 18.32% to lead the way.
It was a bearish day for the rest of the majors, however.
Chainlink and Polkadot slid by 4.93% and by 4.49% respectively to lead the way down.
In the current week, the crypto total market cap fell to a Monday low $938.94bn before rising to a Saturday high $1,256.34bn. At the time of writing, the total market cap stood at $1,158.73bn.
Bitcoin’s dominance rose to a Monday high 64.11% before sliding to a Friday low 60.27%. At the time of writing, Bitcoin’s dominance stood at 62.19%.
At the time of writing, Bitcoin was down by 1.45% to $38,665.0. A mixed start to the day saw Bitcoin rise to an early morning high $39,627.0 before falling to a low $38,397.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bearish start to the day.
At the time of writing, Crypto.com Coin was down by 6.17% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the pivot level at $39,446 to bring the first major resistance level at $40,688 into play.
Support from the broader market would be needed for Bitcoin to break back through to $40,000 levels.
Barring an extended crypto rally, the first major resistance level and Saturday’s high $40,900 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at the swing high $41,969 and the second major resistance level at $42,141.
Failure to move back through the $39,446 pivot would bring the first major support level at $37,993 into play.
Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$37,000 levels. The second major support level sits at $36,751.