The Crypto Daily – Movers and Shakers – February 9th, 2021

It’s a bullish start to the day for Bitcoin, with the Bitcoin bulls eyeing up $50,000 levels…
Golden bitcoins on the black background closeup. Cryptocurrency virtual money

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Bitcoin, BTC to USD, surged by 19.57% on Monday. Reversing a 1.02% loss from Sunday, Bitcoin ended the day at $46.444.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $37,947.0 before making a move.

Bitcoin slipped through first major support level at $38,004 before surging to a final hour all-time high $46,666.0.

The day long rally saw Bitcoin break through the day’s major resistance levels to end the day at $46,000 levels.

For Bitcoin and the broader crypto market, news of Tesla purchasing $1.5bn in Bitcoin and accepting Bitcoin as payment fueled the rally.

The near-term bullish trend remained intact, supported by the Monday’s new swing hi $46,666.0. For the bears, Bitcoin would need to slide through the 62% FIB of $20,298 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.

Polkadot fell by 2.45% to buck the trend on the day.

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

Binance Coin  and Litecoin jumped by 16.68% and by 10.99% to lead the way.

Ethereum (+8.51%) and Ripple’s XRP (+7.79%) also saw solid gains.

Bitcoin Cash SV (+2.74%), Cardano’s ADA (+2.36%), Chainlink (+2.78%), and Crypto.com Coin (+5.98%) trailed the front runners, however.

At the start of the week, the crypto total market cap fell to a Monday low $1,145.36bn before surging to a Monday high $1,411.41bn. At the time of writing, the total market cap stood at $1,354.93bn.

Bitcoin’s dominance fell to a Monday low 61.54% before jumping to an early Tuesday high 64.70%. At the time of writing, Bitcoin’s dominance stood at 64.39%.

This Morning

At the time of writing, Bitcoin was up by 0.95% to $46,886.0. A mixed start to the day saw Bitcoin fall to an early morning low $46,390.0 before striking a new swing high $47,550.4.

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

Elsewhere, it was a mixed start to the day.

Chainlink (-0.19%) and Polkadot (-0.76%) saw red early on to buck the trend.

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

At the time of writing, Crypto.com Coin was up by 2.68% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $43,686 to bring the first major resistance level at $49,424 into play.

Support from the broader market would be needed for Bitcoin to break out from this morning’s new swing hi $47,550.4.

Barring an extended crypto rally, the first major resistance level and resistance at $50,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $55,000. The second major resistance level sits at $52,405.

Failure to avoid a fall through the $43,686 pivot would bring the first major support level at $40,705 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer well clear of 23.6% FIB of $36,597. The second major support level sits at $34,967.

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