The Crypto Daily – Movers and Shakers – February 5th, 2021

Bitcoin, BTC to USD, fell by 1.90% on Thursday. Partially reversing a 5.88% rally from Wednesday, Bitcoin ended the day at $36,951.5.

A mixed start to the day saw Bitcoin rise to a late morning intraday high $38,750.0 before hitting reverse.

Bitcoin broke through the first major resistance level at $38,406 before sliding to a mid-afternoon intraday low $36,222.0.

Finding support at the first major support level at $36,200, Bitcoin revisited $37,800 levels before sliding back into the red.

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 mixed day on Thursday.

Ripple’s XRP jumped by 12.12% to lead the way, with Binance Coin rallying by 7.32%.

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

Litecoin slid by 7.06% to lead the way down.

Bitcoin Cash SV (-3.80%), Chainlink (-2.26%), Crypto.com Coin (-4.77%) Ethereum (-4.26%), and Polkadot (-3.83%) also struggled.

Cardano’s ADA saw a relatively modest 0.67% loss on the day.

In the current week, the crypto total market cap fell to a Monday low $938.94bn before rising to a Thursday high $1,175.84bn. 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 Thursday low 61.36%. At the time of writing, Bitcoin’s dominance stood at 61.94%.

This Morning

At the time of writing, Bitcoin was up by 0.54% to $37,150.0. A mixed start to the day saw Bitcoin fall to an early morning low $36,791.0 before rising to a high $37,234.0.

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

Elsewhere, it was a bullish start to the day for the majors.

At the time of writing, Cardano’s ADA was up by 3.45% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $37,308 to bring the first major resistance level at $38,394 into play.

Support from the broader market would be needed for Bitcoin to break back through to $38,000 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $38,750.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test he second major resistance level at $39,836 and a Thursday resistance at $40,000.

Failure to move through the $37,308 pivot would bring the first major support level at $35,866 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$35,000 levels. The second major support level sits at $34,780.