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.
Crypto market data daily view. Source: Coin360
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.
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