The Crypto Daily – Movers and Shakers – October 13th, 2021
Bitcoin, BTC to USD, fell by 2.54% on Tuesday. Partially reversing a 5.14% gain from Monday, Bitcoin ended the day at $56,009.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $57,661.0 before hitting reverse.
Falling short of the first major resistance level at $58,730, Bitcoin slid to a late intraday low $53,837.5.
Bitcoin fell through the first major support level at $55,339 before a partial recovery to $56,000 levels.
The near-term bullish trend remained intact, supported the latest return to $57,000 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 Tuesday.
Binance Coin rallied by 7.54%, with Polkadot ending the day up by 5.76% to buck the broader trend.
It was a bearish day for the rest of the majors, however.
Ethereum saw a more modest 1.46% loss on the day, however.
Early in the week, the crypto total market rose to a Monday high $2,428bn before falling to a Tuesday low $2,210bn. At the time of writing, the total market cap stood at $2,340bn.
Bitcoin’s dominance fell to a Monday low 44.83% before rising to a Tuesday high 46.00%. At the time of writing, Bitcoin’s dominance stood at 45.32%.
At the time of writing, Bitcoin was up by 0.46% to $56,266.0. A mixed start to the day saw Bitcoin fall to an early morning low $55,819.0 before rising to a high $56,275.0
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Ripple’s XRP bucked the early trend, falling by 0.41%.
It was a bullish start for the rest of the majors, however.
At the time of writing, Bitcoin Cash SV was up by 2.26% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $55,803 pivot to bring the first major resistance level at $57,868 into play.
Support from the broader market would be needed for Bitcoin to break back through to $57,000 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 $59,726.
A fall through the $55,803 would bring the first major support level at $53,944 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$53,000, The second major support level sits at $51,879.