The Crypto Daily – Movers and Shakers – February 4th, 2021

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Bitcoin, BTC to USD, rose by 5.88% on Wednesday. Following on from a 5.98% rally on Tuesday, Bitcoin ended the day at $37667.0.

A mixed start to the day saw Bitcoin fall to a late morning intraday low $35,471.0 before making a move.

Steering clear of the first major support level at $34,033, Bitcoin rallied to a final hour intraday high $37,677.4.

Bitcoin broke through the first major resistance level at $36,587 and the second major resistance level at $37,598 to wrap up the day at $36,600 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 bullish day on Wednesday.

Polkadot surged by 14.41% to lead the way.

Crypto.com Coin (+7.88%), Ethereum (+10.23%), and Litecoin (+9.91%) also found strong support.

Binance Coin (+2.34%), Bitcoin Cash SV (+1.83%), Cardano’s ADA (+3.98%), Chainlink (+5.92%), and Ripple’s XRP (+6.58%) trailed the front runners, however.

In the current week, the crypto total market cap fell to a Monday low $939.07bn before rising to an early Thursday high $1,143.59bn. At the time of writing, the total market cap stood at $1,137.25n.

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 62.54%.

This Morning

At the time of writing, Bitcoin was up by 0.62% to $37,899.0. A bullish start to the day saw Bitcoin rise an early morning low $37,666.0 to a high $38,234.0.

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

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

Ripple’s XRP and Cardano’s ADA were down by 1.12% and by 0.64% to buck the trend early on.

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

At the time of writing, Chainlink was up by 2.03% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $36,939 to bring the first major resistance level at $39,145 into play.

Support from the broader market would be needed for Bitcoin to break out from this morning’s high $38,234.0.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the swing hi $41,969.0 before any pullback. The second major resistance level sits at $41,351.

Failure to avoid a fall through the $36,939 pivot would bring the first major support level at $36,200 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$35,000 levels. The second major support level sits at $34,732.