What happened in the cryptocurrency market during the week of January 31 - February 6. Bitcoin (#BTC) The outgoing week, like the previous one, turned out to be successful for the #bitcoin (BTC) exchange rate. The main cryptocurrency of the world completes it in the green zone again. At the same time, the bulls finally managed, after several attempts, to break through the line of long-term downward resistance, which has been present on the chart since November 10, 2021. Also, the coin broke above the horizontal resistance in the area of $ 40,800. At the time of writing, the BTC exchange rate was trading, according to the analytical resource CoinMarketCap, around $41,680, with an intra-weekly increase of almost 10%. BeInCrypto technical analysts noted at the beginning of the week that the daily RSI indicator gave a bullish signal, which historically preceded the aggressive rallies of the BTC rate. Now, after the breakdown of the horizontal resistance at $40,800, they expect the $46,800 and $51,000 levels to come into play (Fibo levels 0.382 and 0.5, respectively). Meanwhile, financial giant JPMorgan has changed its attitude to BTC again and lowered the fair price of bitcoin from $150,000 to $38,000 Ethereum (#ETH) Meanwhile, the exchange rate of the native #Ethereum blockchain coin (ETH) was even more lucky this week than BTC. At the time of writing, Cain was trying to gain a foothold above the important psychological level of $3,000 and was trading with an intra-weekly increase of 15.4%, according to Coinmarketcap. According to BeInCrypto analysts, the price rebounded after falling to the horizontal support area of $2,350, and the indicators of the daily chart give bullish signals. The price broke through the horizontal resistance area at $2,640 and can now turn it into support. If the growth continues, the nearest resistance will come into play at $3,200 (Fibo 0.382 correction level). The data from the internet analysis, meanwhile, show that the number of Ethereum addresses with more than 0.1 ETH on their balance sheet has recently reached a record high of 6.8 million. The hashrate on the Ethereum network has also updated the historical maximum. What else happened this week: In general, following the results of the outgoing week, the coins included in the top 10 largest cryptocurrencies by market capitalization unanimously demonstrated bullish dynamics. The leader of the intra-weekly growth this time turned out to be the coin of the #Solana - #SOL project. He has grown almost 20+% From other news of the week: A scandal broke out around the Wonderland #DeFi project due to the involvement of the project's treasury manager in a fraudulent exchange, which also led to the appearance of oligarchs in the Abracadabra project. The team of the #Meta crypto project Association (formerly Facebook) Diem Association confirmed the sale of its assets to Silvergate Bank. The block size in the #Cardano blockchain has been increased to increase network throughput and ensure more efficient operation of smart contracts. Vitalik Buterin confirmed that he is helping the #Dogecoin Foundation project to migrate to the #PoS consensus algorithm.
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