The Crypto Daily – Movers and Shakers – February 7th, 2021

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Updated: Feb 7, 2021, 03:14 GMT+00:00

It's a bearish start to the day for the majors. A Bitcoin move back through to $40,000 would signal another breakout for the broader market.

Bitcoin, BTC to USD, rose by 2.54% on Saturday. Following on from a 3.56% gain on Friday, Bitcoin ended the day at $39,234.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $38,205.0 before making a move.

Steering clear of the first major support level at $37,099, Bitcoin rallied to a late afternoon intraday high $40,985.0.

Bitcoin broke through the first major resistance level at $38,894 and the second major resistance level at $39,527.

Falling short of the third major resistance level at $41,321 and the swing hi $41,969 Bitcoin fell back to end the day at sub-$40,000.

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 Saturday.

Cardano’s ADA surged by 18.32% to lead the way.

Binance Coin (+7.82%), Bitcoin Cash SV (+0.99%), Crypto.com Coin (+3.87%), and Litecoin (+0.38%) also found support

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

Chainlink and Polkadot slid by 4.93% and by 4.49% respectively to lead the way down.

Ethereum and Ripple’s XRP saw relatively modest losses of 2.40% and 1.84% respectively.

In the current 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 $1,158.73bn.

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 62.19%.

This Morning

At the time of writing, Bitcoin was down by 1.45% to $38,665.0. A mixed start to the day saw Bitcoin rise to an early morning high $39,627.0 before falling to a low $38,397.0.

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

Elsewhere, it was a bearish start to the day.

At the time of writing, Crypto.com Coin was down by 6.17% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $39,446 to bring the first major resistance level at $40,688 into play.

Support from the broader market would be needed for Bitcoin to break back through to $40,000 levels.

Barring an extended crypto rally, the first major resistance level and Saturday’s high $40,900 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the swing high $41,969 and the second major resistance level at $42,141.

Failure to move back through the $39,446 pivot would bring the first major support level at $37,993 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$37,000 levels. The second major support level sits at $36,751.

About the Author

Bob Masonauthor

With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.