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  • Writer's pictureIrakli

Market overview 7 Feb 2024

Bitcoin remains within a narrow range, with the lower limit at 42,300-42,200 and the upper limit at 43,100-43,300. The broader range observed since late January is 42,000-41,700 at the bottom and 43,700-44,000 at the top, as forecasted last week.

As Bitcoin struggles to secure a position above $43K for two consecutive days, altcoins are performing moderately. Notable performers include Pendle, ENS, with OP experiencing slight growth.

Anticipating significant altcoin changes after Bitcoin cements itself above $44K.

In recent news, Binance announced the delisting of several coins, including XMR and ANT. This reaffirms what was mentioned six months ago - Binance is no longer the exchange that dominated the market and achieved unprecedented success in recent years. Such news is disappointing. Regarding XMR, I'll monitor to see if it holds at $100 or declines further.

Today, Microstrategy, the largest Bitcoin holders, will release their report. I expect Bitcoin to remain stable, but any unexpected sales could lead to significant volatility.

Solana once again halted its network for several hours today, reminiscent of scheduled pauses like a shawarma stand. Here we go again.

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