US Government Shutdown Ends, Crypto Market Stabilizes
- Market Stability Signs: Following President Trump's signing of a funding bill that ended a brief government shutdown, the crypto market showed signs of stability, with Bitcoin recovering to around $76,000 during Asian trading hours, alleviating recent political uncertainties, although prices remain below recent highs.
- Bitcoin Volatility: Bitcoin fell to a low of $73,100 on February 3, marking its weakest point since Trump's 2024 election win, but rebounded as market sentiment improved, indicating traders' interest in short-term positions.
- Market Capitalization Recovery: The total cryptocurrency market capitalization stabilized close to $2.7 trillion, despite reduced exposure to risk assets during the government shutdown that pressured the market; however, some selling pressure has eased following the bill's approval.
- Future Risk Monitoring: Although the market has calmed, technical indicators suggest that recent damage has not been fully repaired, and investors are closely watching the negotiations regarding the Department of Homeland Security funding set to expire on February 13, which could reignite shutdown concerns.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 36466.231 | 48233.115 | 61201.981 | 72968.865 | 85937.731 | 97704.615 | 110673.481 |
| Fibonacci | 48233.115 | 57682.172 | 63519.809 | 72968.865 | 82417.922 | 88255.559 | 97704.615 |
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