The Crypto Daily – Movers and Shakers – October 17th, 2021

Bob Mason
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Bitcoin, BTC to USD, fell by 1.33% on Saturday. Partially reversing a 7.55% rally from Friday, Bitcoin ended the day at $60,868.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $62,333.0 before hitting reverse.

Falling well short of the first major resistance level at $64,093, Bitcoin fell to a late afternoon intraday low $60,171.0.

Steering clear of the first major support level at $58,074, however, Bitcoin revisited $61,000 levels before easing back.

The near-term bullish trend remained intact, supported the latest return to $62,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Saturday.

Chainlink and Crypto.com Coin rose by 0.93% and by 3.48% respectively to buck the trend on the day.

It was a bearish day for the rest of the majors, however.

Polkadot fell by 2.27% to lead the way down.

Binance Coin (-1.82%), Cardano’s ADA (-1.73%), and Litecoin (-1.88%), also struggled.

Bitcoin Cash SV (-0.17%), Ethereum (-1.04%), and Ripple’s XRP (-0.80%) saw relatively modest losses on the day, however.

In the current week, the crypto total market fell to a Tuesday low $2,210bn before rising to a Friday high $2,606bn. At the time of writing, the total market cap stood at $2,469bn.

Bitcoin’s dominance fell to a Thursday low 44.43% before rising to a Saturday high 46.64%. At the time of writing, Bitcoin’s dominance stood at 46.42%.

This Morning

At the time of writing, Bitcoin was down by 0.04% to $60,846.0. A mixed start to the day saw Bitcoin rise to an early morning high $60,920.0 before falling to a low $60,651.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a bearish start to the day.

At the time of writing, Crypto.com Coin was down by 1.20% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $61,124 pivot to bring the first major resistance level at $62,077 into play.

Support from the broader market would be needed for Bitcoin to break out from $61,500 levels.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $62,333.0 would likely cap the upside.

In the event of another breakout, Bitcoin could test resistance at $65,000 levels before any pullback. The second major resistance level sits at $63,286.

Bitcoin would need plenty of support, however, to breakout from 14th April 2021’s swing hi $64,829.0

Failure to move through the $61,124 would bring the first major support level at $59,915 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$59,000 levels, The second major support level sits at $58,962.

This article was originally posted on FX Empire

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