The Crypto Daily – Movers and Shakers – October 12th, 2021

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Updated: Oct 12, 2021, 01:06 UTC

Following Bitcoin's return to $57,000, a move back through to $60,000 levels would support a breakout day ahead for the broader market.

E-coins on tablet computer with charts on screen

The Rest of the Pack

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

Polkadot slid by 5.73% to lead the way down, with Chainlink falling by 1.74%.

Cardano’s ADA (-0.83%), also saw red on the day.

It was a bullish start to the week for the rest of the majors, however.

Ethereum rose by 3.74% to lead the way, with Binance Coin (+2.23%), Bitcoin Cash SV (+2.50%), and Litecoin (+2.53%) also finding strong support.

Crypto.com Coin (+1.21%) and Ripple’s XRP (+0.21%) trailed the front runners, however.

Early in the week, the crypto total market fell to a Monday low $2,272bn before rising to a Monday high $2,382bn. At the time of writing, the total market cap stood at $2,334bn.

Bitcoin’s dominance fell to a Monday low 44.83% before rising to a Monday high 46.18%. At the time of writing, Bitcoin’s dominance stood at 45.93%.

This Morning

At the time of writing, Bitcoin was down by 0.98% to $56,927.0. A bearish start to the day saw Bitcoin fall from an early morning high $57,470.0 to a low $56,888.0.

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 1.90% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $56,580 pivot to bring the first major resistance level at $58,730 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 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 $59,971.

A fall through the $56,580 would bring the first major support level at $55,339 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$55,000, The second major support level sits at $53,189.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.