From around February 8th, 2022, the Bitcoin bulls tried for about a week to break through the $44,000 to the $46,000 level, but February 17th, 2022, the bears stepped in, forcing the price to drop. The price continued to drop over the next five days, but eventually found support yesterday at $36,350.00 (Binance Exchange). This was also the area of support around the end of January this year.
The bulls have stepped in over the last 12 hours, with the price currently at $38,900. The next major resistance level to the upside is between $40,800 – $42,000. News is also very bullish for today’s stock market futures. For now, the bulls have stepped in, and we are looking bullish again.
USDT reversed yesterday off the 4.86% level, and is heading lower, indicating that cash is flowing back into the trading market. What we want to see in the next couple of days is a break of the daily support line, at around the 4.1% level. This support line comes all the way from November 10th, 2021. A break of this support line will be extremely bullish for the market, as a new massive injection of cash flows in.
Crypto Total Market Cap
Support was found yesterday at $1.62T, which is also the 0.786 Fibonacci retracement level, between the 1.5T$ low on January 24th, 2022, and the resistance high of $2T on February 10th, 2022. Currently, we are at $1.73T, and the next small resistance is at $1.5T. What we want to see in the next couple of days is the break of the descending resistance trend line, at around $1.85T, and then get above the important $2T level. As with the USDT dominance, a break of the descending resistance trend line from November 2021 will be very bullish for the crypto markets.