Cointree Crypto Market Update - February 10th 2021

Market update for traders

Jump to the beginner's version Bitcoin rockets to NEW ALL TIME HIGHS! Welcome to this week’s market update and another week in the extremely eventful cryptocurrency market. We began last week with a bounce off the 50 EMA at $43,000 AUD and a gradual rise higher toward Bitcoin’s recent top of $54,000. Bulls kept up the pressure without a decisive break, nevertheless creating higher lows and keeping price above key moving averages as the week rolled on. Then BOOM! The market was thrown into absolute chaos when Tesla announced late Monday night that it had purchased $1.5 Billion worth of Bitcoin. The public declaration saw the Crypto have its largest green candle ever on the daily chart, a move of 18% and representing over $9000 AUD. The move obliterated Bitcoin’s previous ATH at $54k and only slowed when it hit the psychological barrier of $60,000 AUD.\

Recapping Monday to Sunday last week in detail: we saw bear momentum dissipate into the 50EMA (green line) after a drawdown of 15%, to $42,000 AUD Bulls stepped in at this critical point and steadily pushed Bitcoin back to the key overhead resistance of 50k by mid week. This proved too strong an area for bulls to overcome and it moved sideways, dipping to the $47,000 range until we finally saw a break above $50k. While Bitcoin looked capable of an organic push to test the previous Bitcoin ATH of $54,000, the news that Tesla had purchased $1.5 billion dollars gave the market a wave of momentum, blitzing $52k and producing a move of more than 10k AUD. Looking forward, the show-stopping breakout halted at the whole number of $60,000 where Bitcoin appears poised to head higher after its highest weekly close in history. Bears will be hoping the bulls catch their breath and fold under higher prices - looking for a swift collapse to the previous ATH at $52,000. As Bitcoin explodes by 30% over 7-days, the altcoin market has taken flight and many are following in its footsteps. For the major altcoins: Elrond (EGLD) leads all comers in the top 20 with a rise of 171%. Dogecoin (DOGE) continues its incredible run, up 156%. Cosmos (ATOM) is breaking into new highs, up 62%, and a honorable mention to Cardano (ADA) which is up 60% and approaching $1 and a new ATH.

Read our full market update here.

Market update for beginners

Bitcoin rockets to NEW ALL TIME HIGHS! Welcome to this week’s market update and another week in the extremely eventful cryptocurrency market. We began last week with a bounce at $43,000 AUD and a slow increase in value toward $52,000. Whilst buyers kept pushing the price higher, they could not find a decisive break as the week rolled on. Then Boom! The market was thrown into absolute chaos when Tesla announced that it had purchased $1.5 billion worth of bitcoin. The public declaration saw the crypto have its largest daily move ever, representing just over $9000 AUD. The 18% move obliterated bitcoin’s previous all time high of $54k and only slowed when it hit the psychological barrier of $60,000 AUD.

Recapping Monday to Sunday last week in detail: we saw seller momentum dissipate into key moving averages at $42,000 AUD with buyers stepping in at this critical point. They steadily pushed bitcoin back to 50k by mid week until moving sideways, dipping to the $47,000 range again until we finally saw a break above $50k. While bitcoin looked capable of an organic push to $52,000, the news that Tesla had purchased $1.5 billion dollars gave the market a wave of momentum, blitzing $52k and producing a move of more than 10k AUD. Looking forward, the show-stopping breakout halted at the whole number of $60,000 where bitcoin appears poised to head higher after its highest weekly close in history. Sellers will be hoping buyers catch their breath at these higher prices, looking for a collapse back to the previous ATH at $52,000 for confirmation. As bitcoin explodes by 30% over 7-days, the altcoin market has taken flight and many are following in its footsteps. For the major altcoins: Elrond (EGLD) leads all comers in the top 20 with a rise of 171%. Dogecoin (DOGE) continues its incredible run, up 156%. Cosmos (ATOM) is breaking into new highs, up 62%, and a honorable mention to Cardano (ADA) which is up 60% and approaching $1 and a new ATH.

Read our full market update here.