TL;DR Breakdown
- Bitcoin advances close to the much desired $40k mark.
- Binance Coin on the run as it makes an impressive gain to hit $70.
The week started out with Bitcoin price dropping to about $32,000, however, the price has risen very close to $40k reclaiming some of the lost gains.
Bitcoin Price Rallies Very Close To $40,000
While many have predicted that the price of Bitcoin would hit the $40,000 mark, it stalled around $37,000 for some time. However, the price of Bitcoin spiked to an intra-day high of $39,000, while correcting to a level not far away from it.
However, Bitcoin is expected to resurge and break past the first resistance area around 40,000, and the final resistance area around $42,000 before it goes on a rally. If BTC reverses, there are some possible support areas where price might react: the $36,000, $35,140, and $34,000 marks are all support levels which could push Bitcoin price to the much desired level.
Binance Coin (BNB) On The Run, Moves Past $70
The crypto market, on the 4th February, witnessed a great momentum from Binance (BNB) coins when it made an all-time high. Just two days ago, BNB was trading at about a high of $55.40, but right now the coin is trading at $70 breaking above the last set all-time high.
The month has been bullish for many altcoins, but Binance has recently made some great gains over the course of the week. Binance coin pushed past the $70 mark pushing BNB to the 7th largest coin on cryptocurrency ranking, displacing both LINK and LTC.
Binance Coin is not the only altcoin that has made gains this week; of the top 100 crypto coins, IOTA made an explosive gain of about 34%. While some top altcoins like Polkadot, Chainlink, and XRP recorded slight losses, Binance Coin performed excellently well this week setting a new record for an all-time high.
