Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Bob Mason
bitcoin with us dollars and calculator

Bitcoin rose by just 0.01% on Thursday. Following a 2.78% slide from Wednesday, Bitcoin ended the day at $9,185.6.

In spite of a bearish week, Bitcoin ended the month of October with a 10.2% gain.

A bearish start to the day saw Bitcoin fall from a morning high $9,241.4 to a late morning intraday low $8,982.1.

Falling short of the major resistance levels, Bitcoin fell through the first major support level at $8,997.23.

Finding support from the broader market, Bitcoin bounced back to a mid-day intraday high $9,467.1.

Bitcoin broke through the first major resistance level at $9,409.13 before sliding back to $9,012 levels.

A late recovery to $9,100 levels left Bitcoin flat on the day.

For the bulls, the extended bullish trend remained intact in spite of failing to break out from the 38.2% FIB of $9,734. Bitcoin has continued to hold above the 62% FIB of 7,245.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed day for the majors on Thursday.

Stellar’s Lumen and Litecoin joined Bitcoin in the green, with gains of 1.6% and 0.57% respectively.

It was red for the rest of the pack, with Bitcoin Cash SV (-4.27%), Bitcoin Cash ABC (-3.18%), and Tron’s TRX (-2.40%) leading the way down.

Binance Coin (-0.80%), Ethereum (-0.56%), EOS (-0.37%), and Ripple’s XRP (-0.11%) saw more modest losses.

Following Thursday’s moves, Stellar’s Lumen retook the number 10 spot by market cap from Tron’s TRX.

There was nothing mixed about the month, however.

Bitcoin Cash SV (+47.42%), Tron’s TRX (+35.65%), Binance Coin (+25.52%), and Bitcoin Cash ABC (+25.11%) led the way in October.

Ripple’s XRP and EOS also made strong gains, with the pair ending the month up by 14.61% and by 9.75% respectively.

Stellar’s Lumen (+5.44%), Litecoin (+4.06%), and Ethereum (+0.64%) saw more modest gains.

Through the month, the total crypto market cap rose from a 24th October low $203.27 a 26th October high $257.76bn before easing back. At the time of writing, the total market cap stood at $245.17bn.

Bitcoin’s dominance held steady 67% levels at the month-end, while trading volumes jumped from sub-$50bn levels to $155bn levels before easing back to sub-$90bn levels.


This Morning

At the time of writing, Bitcoin was down by 0.41% to $9,148.2. A bearish start to the day saw Bitcoin fall from an early morning high $9,186.6 to a low $9,111.0.

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

Elsewhere, Stellar’s Lumen and Tron’s TRX bucked the trend early on, with gains of 8.17% and 1.04% respectively.

It was red for the rest, however, with Bitcoin Cash SV (-1.64%) leading the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the morning high to $9,220 levels to support a run at the first major resistance level at $9,441.10.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,400 levels.

Barring a broad-based crypto rally later in the day, Bitcoin will likely fall short of $9,500 levels for a 3rd consecutive day.

Failure to move through to $9,220 levels could see Bitcoin fall for a 3rd day in the week.

A fall back through to sub-$9,100 levels would bring the first major support level at $8.956.1 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of sub-$8,900 support levels.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Trade With A Regulated Broker

  • Your capital is at risk