The Crypto Daily - Movers and Shakers - October 24th, 2021




  • In Business
  • 2021-10-24 00:26:43Z
  • By FX Empire

Bitcoin, BTC to USD, rose by 0.98% on Saturday. Following a 2.40% loss on Friday, Bitcoin ended the day at $61,302.0.

A mixed start to the day saw Bitcoin fall to a late morning intraday low $59,755.0 before making a move.

Steering clear of the first major support level at $59,236, Bitcoin rose to a mid-day intraday high $61,764.0.

Falling well short of the first major resistance level at $62,952, however, Bitcoin fell back to sub-$61,000 levels.

Finding late support, Bitcoin broke back through to $61,000 levels to end the day in positive territory.

The near-term bullish trend remained intact, supported the latest return to $66,000 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 bullish day on Saturday.

Chainlink rallied by 9.58% to lead the way, with Crypto.com Coin (+2.78%), Ethereum (+4.95%) and Litecoin (+2.84%) finding strong support.

Binance Coin (+1.35%), Bitcoin Cash SV (+1.24%), Cardano's ADA (+0.55%), Polkadot (+0.04%), and Ripple's XRP (+0.47%) trailed the front runners, however.

In the current week, the crypto total market fell to a Monday low $2,386bn before rising to a Thursday high $2,741bn. At the time of writing, the total market cap stood at $2,578bn.

Bitcoin's dominance rose to a Wednesday high 47.72% before falling to a Saturday low 44.75%. At the time of writing, Bitcoin's dominance stood at 44.80%.

This Morning

At the time of writing, Bitcoin was down by 0.07% to $61,258.0. A mixed start to the day saw Bitcoin rise to an early morning high $61,476.0 before falling to a low $61,208.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin (+0.89%), Litecoin (+0.26%), Polkadot (+0.29%), and Ripple's XRP (+0.03%) avoided the red early on.

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

At the time of writing, Chainlink was down by 0.37% to lead the way down.

 

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $60,940 pivot to bring the first major resistance level at $62,126 into play.

Support from the broader market would be needed for Bitcoin to break out from Saturday's high $61,740.0.

Barring a broad-based crypto rally, the first major resistance level would likely cap the upside.

In the event of another breakout, Bitcoin could test resistance at $63,500 levels before any pullback. The second major resistance level sits at $62,949.

A fall through the $60,940 would bring the first major support level at $60,117 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$59,000 levels, however. The second major support level sits at $58,931.

This article was originally posted on FX Empire

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