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The Crypto Daily – Movers and Shakers – October 15th, 2021

Bob Mason
·3-min read

Bitcoin, BTC to USD, fell by 0.03% on Thursday. Following a 2.44% gain on Wednesday, Bitcoin ended the day at $57,354.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $58,488.0 before hitting reverse.

Falling short of the first major resistance level at $58,6661, Bitcoin to a late afternoon intraday low $56,855.0.

Steering clear of the first major support level at $55,188, Bitcoin revisited $58,000 levels before ending the day at sub-$47,500.

The near-term bullish trend remained intact, supported the latest return to $58,000 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 Thursday.

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Polkadot gave up some of Wednesday’s gains, falling by 2.27%.

Cardano’s ADA (-0.74%) also bucked the broader market trend.

It was a bullish day for the rest of the majors.

Ethereum rallied by 5.08% to lead the way, with Chainlink (+3.84%), Crypto.com Coin (+2.38%), and Litecoin (+2.14%) also finding relatively strong support.

Binance Coin (+0.44%), Bitcoin Cash SV (+0.31%), and Ripple’s XRP (+0.62%) trailed the front runners, however.

In the current week, the crypto total market fell to a Tuesday low $2,210bn before rising to a Thursday high $2,483bn. At the time of writing, the total market cap stood at $2,406bn.

Bitcoin’s dominance rose to a Tuesday high 45.99% before falling to a Thursday low 44.43%. At the time of writing, Bitcoin’s dominance stood at 44.79%.

This Morning

At the time of writing, Bitcoin was down by 0.29% to $57,190.0. A mixed start to the day saw Bitcoin rise to an early morning high $57,389.0 before falling to a low $57,155.0.

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, Litecoin was down by 0.99% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $57,566 pivot to bring the first major resistance level at $58,276 into play.

Support from the broader market would be needed for Bitcoin to break back through to $58,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Thursday’s high $58,488.0. would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at $60,000 levels before any pullback. The second major resistance level sits at $59,199.

Failure to move through the $57,566 would bring the first major support level at $56,643 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$55,000, The second major support level at $55,933 should limit the downside.

This article was originally posted on FX Empire

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