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The Crypto Daily – Movers and Shakers – February 6th, 2021

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Bob Mason
·3 min read
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Bitcoin, BTC to USD, rose by 3.56% on Friday. Reversing a 1.90% decline from Thursday, Bitcoin ended the day at $38,260.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $36,571,6 before making a move.

Steering clear of the first major support level at $35,866, Bitcoin rallied to an early afternoon intraday high $38,366.0.

Bitcoin broke through the first major resistance level at $38,394 before a pullback to $37,200 levels.

Finding late support, Bitcoin broke back through to $38,200 levels to deliver the upside on the day.

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 bullish day on Friday.

Binance Coin and Cardano’s ADA surged by 20.75% and by 22.15% respectively to lead the way.

Bitcoin Cash SV (+6.84%), Chainlink (+7.30%), Ethereum (+7.75%), and Litecoin (+6.82%) also found strong support.

Crypto.com Coin (+5.09%), Polkadot (+2.18%), Ripple’s XRP (+1.49%) trailed the front runners, however.

In the current week, the crypto total market cap fell to a Monday low $938.94bn before rising to a Friday high $1,185.22bn. 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 Friday low 60.27%. At the time of writing, Bitcoin’s dominance stood at 61.94%.

This Morning

At the time of writing, Bitcoin was up by 0.93% to $38,617.0. A mixed start to the day saw Bitcoin fall to an early morning low $38,205.0 before rising to a high $38,801.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-4.71%), Bitcoin Cash SV (-1.00%), and Ripple’s XRP (-0.93%) saw red early on.

It was a bullish start for the rest of the majors, however.

At the time of writing, Crypto.com Coin was up by 3.20% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $37,700 to bring the first major resistance level at $38,828 back into play.

Support from the broader market would be needed for Bitcoin to break out from the morning high $38,801.0.

Barring an extended crypto rally, the first major resistance level and resistance at $39,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test the second major resistance level at $39,494 and resistance at $40,000.

Failure to avoid a fall through the $37,700 pivot would bring the first major support level at $37,034 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$36,000 levels. The second major support level sits at $35,906.

This article was originally posted on FX Empire

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