The Crypto Daily – Movers and Shakers – October 13th, 2021

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Updated: Oct 13, 2021, 01:47 UTC

Following a mixed day for Bitcoin and the broader market on Tuesday, a Bitcoin move back through to $57,500 levels would signal a breakout...

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.

Crypto.com Coin slid by 6.12% to lead the way down, with Bitcoin Cash SV ending the day down by 4.55%.

Cardano’s ADA (-2.51%), Chainlink (-2.35%), Litecoin (-3.64%), and Ripple’s XRP (-2.95%) also struggled.

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%.

This Morning

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.

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.