Top 5 cryptocurrencies to watch this week: BTC, ETH, NEAR, MANA, LEO
Bitcoin (BTC) surged above the $40,000 psychological resistance on Feb. 4 and successfully held the level over the weekend. This boosted the total crypto market capitalization from $1.78 trillion on Feb. 3 to about $2 trillion on Feb. 6, according to data from CoinGecko.
A new financial disclosure by Senator Ted Cruz shows that he bought the recent dip in Bitcoin on Jan. 25 through River brokerage. On that day, Bitcoin traded roughly between $35,700 and $37,600. If the Texas Senator has held his purchase, he is already in the profit.
Although the sharp recovery in Bitcoin’s price may have provided relief to the bulls, data analyst Material Scientist warned that large traders with a ticket size of over $100,000 are selling the rally.
Could Bitcoin hold or extend its gains? If that happens, could the altcoins join the party? Let’s study the charts of the top-5 cryptocurrencies that look ready to move to the upside in the short term.
Bitcoin soared and closed above the 20-day exponential moving average ($39,600) on Feb. 4, indicating that bulls are attempting a strong comeback. The small range day on Feb. 5 shows that traders who may have purchased at lower levels are in no hurry to book profits yet.
The relative strength index (RSI) has jumped into the positive territory indicating that the momentum favors the bulls. However, it is unlikely to be a straight dash higher for the BTC/USDT pair.
The bears are likely to mount a stiff resistance in the zone between the 50-day simple moving average ($42,860) and $44,500.
If the price turns down from the overhead zone but does not plummet below $39,600, it will suggest that the level has flipped to support. The bulls will then again try to push the pair above the zone. If they succeed,
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