The Crypto Daily – Movers and Shakers – 02/01/20

Bitcoin rose by 0.06% on Wednesday. Following a 0.72% decline on Tuesday, Bitcoin ended the day at $7.212.7.

A mixed start to the day saw Bitcoin rise from an early intraday low $7,185.4 to an early morning high $7,256.7.

Steering clear of the major support and resistance levels, Bitcoin fell back to sub-$7,200 levels.

Through the early afternoon, Bitcoin struck an intraday high $7,285.1 before hitting reverse.

Falling short of the first major resistance level at $7,307.1, Bitcoin fell back to sub-$7,200 before finding support.

Late support delivered Bitcoin’s minor gain on the day.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of Bitcoin continuing to hold onto $7,000 levels.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed day for the majors.

Ethereum (+1.28%), Litecoin (+0.97%), and Tezos (+1.48%) led the way on Wednesday.

Binance Coin (+0.15%), Bitcoin Cash SV (+0.34%). EOS (0.60%), Ripple’s XRP (+0.10%), and Stellar’s Lumen (+0.64%) saw modest gains on the day.

It was a bearish start to the year for the rest of the pack, however.

Bitcoin Cash ABC (-0.58%) and Tron’s TRX (-0.60%) bucked the trend on the day.

Through the current week, the crypto total market cap hit a Monday high $198.27bn before sliding to a Tuesday low $190.14bn. Through Wednesday, the total market cap peaked at $193.02bn before easing back. At the time of writing, the total market cap stood at $191.20bn.

Bitcoin’s dominance continued to sit at 68% levels following relatively modest gain on Wednesday. Trading volumes hit $80bn levels on Monday before easing back to sub-$70bn levels. At the time of writing, volumes were at $61.5bn levels.

This Morning

At the time of writing, Bitcoin was down by just 0.01% to $7,212.0. A bearish start to the day saw Bitcoin fall from an early morning high $7,212.4 to a low $7,202.1.

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

Elsewhere, Tezos bucked the trend early, rising by 0.36%.

It was red for the rest of the majors, with Binance Coin (-0.27%), Bitcoin Cash SV (-0.34%), and Ethereum (-0.28%) leading the way down.

BTC/USD 02/01/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $7,230 levels to support a run at the first major resistance level at $7,270.07.

Support from the broader market would be needed, however, for Bitcoin to break out from $7,250 levels.

Barring a broad-based crypto rally on the day, the first major resistance level and Wednesday’s high $7,285.1 would likely limit any upside.

Failure to move through to $7,230 levels could see Bitcoin fall deeper into the red.

A fall through to morning low $7,202.1 would bring the first major support level at $7,180.37 into play before any recovery.

Barring an extended sell-off, however, Bitcoin should continue to steer clear of sub-$7,100 levels, the second major support level at $7,128.03 should limit any downside.

In the event of a sell-off, expect the third major support level at $7,028.33 to come into play.

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