The Crypto Daily – Movers and Shakers – February 2nd, 2021

It’s a mixed start to the day for the majors. A Bitcoin move through to $35,000 levels would signal a breakout.
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

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Bitcoin, BTC to USD, rose by 1.35% on Sunday. Partially reversing a 3.48% slide from Sunday, Bitcoin ended the day at $33,566.0.

A mixed start to the day saw Bitcoin slide to an early morning intraday low $32,333.0 before making a move.

While steering clear of the first major support level at $32,108, Bitcoin fell through the 23.6% FIB of $33,008.

Finding early support, however, Bitcoin rallied to a late morning intraday high $34,707.0.

Bitcoin broke back through the 23.6% FIB and broke through the first major resistance level at $34,287.

Coming up short of $35,000 levels, Bitcoin fell back to $33,100 levels before wrapping up the day at $33,500 levels.

The near-term bullish trend remained intact, in spite of the recent sell-off. 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 Monday.

Ripple’s XRP tumbled by 25.14%, with Bitcoin Cash SV and  Crypto.com Coin falling by 2.89% and by 3.39% respectively to buck the trend on the day.

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

Cardano’s ADA and Binance Coin rallied by 18.48% and by 15.91% respectively to lead the way.

Chainlink (+1.34%), Ethereum (+4.62%), and Litecoin (+1.87%) also found strong support.

Polkadot trailed the front runners, however, rising by just 0.64%.

At the start of the week, the crypto total market cap fell to a Monday low $952.72bn before rising to a Monday high $1,020.77bn. At the time of writing, the total market cap stood at $1,004.83bn.

Bitcoin’s dominance fell to a Monday low 62.67% before rising to a Monday high 63.70%. At the time of writing, Bitcoin’s dominance stood at 63.02%.

This Morning

At the time of writing, Bitcoin was up by 1.42% to $34,044.0. A mixed start to the day saw Bitcoin fall to an early morning low $33,500.0 before striking a high $34,200.0.

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

Elsewhere, it was a mixed start to the day for the broader market.

Binance Coin (-1.07%), Polkadot (-1.25%), and Ripple’s XRP (-1.12%) saw red early on.

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

At the time of writing, Bitcoin Cash SV was up by 2.73% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $33,535 to bring the first major resistance level at $34,738 into play.

Support from the broader market would be needed for Bitcoin to break out from Monday’s high $34,707.0.

Barring an extended crypto rally, the first major resistance level and resistance at $35,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $36,000 before any pullback. The second major resistance level sits at $35,909.

Failure to avoid a fall through the $33,535 pivot would bring the 23.6% FIB of $33,008 and the first major support level at $32,364 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$31,000 levels. The second major support level at $31,161 should limit the downside.

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