The Crypto Daily – Movers and Shakers – February 8th, 2021
Bitcoin, BTC to USD, fell by X% on Saturday. Partially reversing a 2.54% gain from Saturday, Bitcoin ended the week up by 17.27% to $38,837.0.
A mixed start to the day saw Bitcoin fall to a mid-morning low $38,032.0 before making a move.
Steering clear of the first major support level at $37,993, Bitcoin rallied to a late morning intraday high $39,725.7.
Falling short of the first major resistance level at $40,688, Bitcoin slid back to $37,500 levels before finding late support.
Late in the day, Bitcoin moved back through to $39,000 levels before easing back.
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 Sunday.
Cardano’s ADA rallied by 4.30% to buck the trend on the day.
It was a bearish day for the rest of the majors, however.
Binance Coin and Crypto.com Coin slid by 6.15% and by 7.66% to lead the way down.
Ethereum (-3.84%), and Litecoin (-3.22%), Polkadot (-2.16%), and Ripple’s XRP (-5.48%) also saw relatively heavy losses.
Bitcoin Cash SV (-0.51%) and Chainlink (-1.02%) saw relatively modest losses on the day.
For the week, it was also a mixed bag for the majors.
Ripple’s XRP slid by 15.35% to buck the trend in the week.
It was a bullish week for the rest of the majors, however.
Cardano’s ADA surged by 92.04% to lead the way, with Binance Coin rallying by 54.34%.
Ethereum (+22.94%) and Litecoin (+16.46%) also found strong support
Bitcoin Cash (+5.30%), Chainlink (+9.63%), Crypto.com Coin (+4.05%), and Polkadot (+4.38%) trailed the front runners in the week.
In the 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 $1,167.89bn.
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 61.92%.
This Morning
At the time of writing, Bitcoin was down by 0.06% to $38,813.0. A mixed start to the day saw Bitcoin fall to an early morning low $38,744.0 before striking a high $39,150.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Chainlink (-0.51%), Ethereum (-0.15%), and Polkadot (-0.32%) saw joined Bitcoin in the 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 1.93% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the pivot level at $38,865 to bring the first major resistance level at $39,698 into play.
Support from the broader market would be needed for Bitcoin to break out from Sunday’s high $39,725.7.
Barring an extended crypto rally, the first major resistance level and resistance at $40,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at the swing high $41,969. The second major resistance level sits at $40,559.
Failure to move back through the $38,865 pivot would bring the first major support level at $38,004 into play.
Barring an extended crypto sell-off, Bitcoin should steer clear of the second major support level at $37,171.
This article was originally posted on FX Empire
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