Bitcoin price today (February 1): Bitcoin stands at $34K, Dominance decreases
Bitcoin Price Rejected at Key Resistance as Uniswap’s UNI Hits $20
Bitcoin’s dominance continues to decrease as Uniswap’s UNI token hits $20 and XRP goes through a massive pump, said Cryptopotato.
Following the highly volatile few days in which BTC displayed $6,000 price moves in both directions, the cryptocurrency has calmed around $34,000. At the same time, XRP and a few more altcoins have exploded in value and reduced BTC’s dominance to 62.5%. Uniswap’s UNI token even hit $20.
While some alternative coins have displayed massive fluctuations in the past 24 hours, the primary cryptocurrency has remained untypically calm.
On Friday, bitcoin initiated a remarkable leg up after gaining almost $7,000 of value in a few hours following a Twitter engagement from Tesla’s Elon Musk. However, the asset retraced virtually as quickly and dropped to $34,000.
In the past 24 hours, BTC has been stuck in a range from a low of $33,000 to a high of $35,000. As such, the increasing altcoins have decreased bitcoin’s dominance to 62.5%. Just a few days ago, the metric comparing BTC’s market cap with the rest of the altcoins was at above 64%.
The technical indicators suggest that bitcoin has to overcome the resistance lines at $34,000, $34,450, and $35,000 to resume its bull run. Alternatively, the support levels at $33,000, $32,500, and $32,000 could contain another retracement.
Bitcoin Price– Weekly Technical Analysis
It’s a mixed start to the week. Steering clear of the week’s pivot levels would support further gains in the week ahead, however, according to Fxempire.
Bitcoin, BTC to USD, rose by 2.51% in the week ending 31st January. Partially reversing a 9.97% slide from the previous week, Bitcoin ended the week at $33,138.0.
A mixed start to the week saw Bitcoin rise to a Monday high $34,918.0 before hitting reverse.
Falling well short of the first major resistance level at $37,175, Bitcoin slid to a Wednesday intraweek low $28,283.0.
While falling through the 23.6% FIB of $33,008, Bitcoin avoided a fall through the first major support level at $28,227.
Finding support on Thursday, Bitcoin rallied to a Friday intraweek high $38,710.7.
Bitcoin broke through the 23.6% FIB of $33,008 and the first major resistance level at $37,175 before falling back to sub-$33,000 levels.
Finding support in the weekend, however, Bitcoin broke back through the 23,6% FIB to end the week at $33,100 levels.
4 days in the green that included a 9.7% rally on Thursday delivered the upside for the week.
Bitcoin price forecast for the week ahead
Bitcoin would need to move through the $33,711 pivot to support a run the first major resistance level at $38,138.
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 last week’s high $38,710.7 would likely cap any upside.
In the event of an extended breakout, Bitcoin could test resistance at the swing hi $41,969 before any pullback. The second major resistance level sits at $43,138.
Failure to move through the $33,711 pivot would bring the 23.6% FIB and the first major support level at $28,710 into play.
In the event of a sell-off, Bitcoin should steer clear of the 38.2% FIB of $27,465. The second major support level sits at $24,283.
At the time of writing, Bitcoin was up by 0.98% to $33,462.6. A mixed start to the week saw Bitcoin fall to an early Monday morning low $32,333.0 before rising to a high $33,570.0.
While Bitcoin left the major support and resistance levels untested at the start of the week, Bitcoin briefly fell through the 23.6% FIB.
Data Reveals Bitcoin Could Be About To Become The New GameStop After Huge Price Spike
Musk sent the bitcoin price sharply higher as a long-running battle between bullish retail traders organised via Reddit's WallStreetBets forum and Wall Street hedge funds that have long been shorting GameStop shares reached its climax—with regulators and brokerages trying to calm frantic markets with heavy-handed restrictions.
Now, data has revealed hedge funds are short bitcoin to the tune of more than $1 billion, even as retail traders pile into bitcoin and other cryptocurrencies.
Hedge funds have been increasing their bitcoin short positions—effectively bets that the price of an asset will fall—since the bitcoin price began climbing in October, data from crypto news and analysis company The Block showed.
The net short position in bitcoin futures is now the biggest it has ever been, according to the CFTC's latest Traders in Financial Futures report.
The bitcoin price has soared around 200% since October, surging to over $40,000 per bitcoin before falling back slightly. The blistering bitcoin rally has largely been put down to institutional investors warming to the cryptocurrency and payments giants such as PayPal PYPL -1.5% PYPL -1.5% adding their support—though bubble fears have emerged.
As hedge funds increasingly bet against the bitcoin price, to some extent covering their long positions, retail traders empowered by apps and bored by lockdowns are speculating on bitcoin and everything else.
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