On January 24th, 2022, BTC found support at a low of around $33,000. The price moved up considerably over the next two and half weeks after that, to a high on February 10th, 2022, at around $45,800. That was an almost 40% move in just over two weeks!
There was major resistance between the $44,000 and $46,000 level, and the BTC bulls spent a week in that zone, trying to break through. Unfortunately, the bears stepped in on February 17th, 2022, forcing the price to drop. Over the past weekend, we saw that the price continued to drop, finding support at $37,949 (Binance Exchange), which is also the 0.618 Fibonacci retracement level, between the low on January 24th, 2022 and the high of February 10th, 2022.
The bulls have stepped in over the last 12 hours, with the price currently at $39,300. The next major resistance level to the upside is between $40,800 – $42,000. If we do lose yesterday’s support at $37,949 in the next couple of days, the next support level is at around $36,000. For now, the bulls have stepped in, and we are looking bullish.
- BTC Dominance
What is interesting with this chart, even though bitcoin started to drop on February 17th, BTC dominance has broken the daily support line to the downside, which is coming all the way from January 16th, 2022. This means that even though that BTC was dropping, the rest of the alts did not drop at the same pace.
BTC dominance did find support at the 42.1% level on Friday 18th February, 2022, and retraced back up this past weekend, to confirm the break of the daily support trend line. What is great to see is that BTC dominance has carried on with its drop, which is very bullish for the altcoins. The next support is at around the 42% level.
- Total Crypto Market Capitalization
The Total Market Capitalization found support at $1.5T on January 24th, 2022, and moved up to the $2T resistance level on February 10th, 2022. There is also a descending, daily resistance line from November which it failed to break through at the same time.
The market started to drop from this past Thursday, and carried on dropping over the weekend. Support was found yesterday at $1.69T, which is exactly at the 0.618 Fibonacci retracement level, between the low of January 24th, 2022, and the high of around $2T on February 8th, 2022.
Currently we are at a small resistance level of $1.75T, and the next small resistance is at $1.8T. What we want to see in the next couple of days, is the break of the descending resistance trend line, at around $1.9T, and then get to about the $2T level. If yesterday’s support of $1.69T has to break, the next support is at $1.5T.