The Crypto Daily – Movers and Shakers – October 14th, 2021

Bitcoin, BTC to USD, rose by 2.44% on Wednesday. Reversing a 2.54% loss from Tuesday, Bitcoin ended the day at $57,368.0.

A mixed start to the day saw Bitcoin fall to a late morning intraday low $54,302.0 before making a move.

Steering clear of the first major support level at $53,944, Bitcoin rallied to a late intraday high $57,775.0.

Falling short of the first major resistance level at $57,867, Bitcoin eased back to end the day at sub-$57,500 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 bullish day on Wednesday.

Polkadot surged by 15.69% to lead the way, with Binance Coin rallying by 5.92%.

Cardano’s ADA (+3.37%), Chainlink (+4.50%), and Ethereum (+3.38%) also found relatively strong support.

Bitcoin Cash SV (+1.47%), Crypto.com Coin (+0.98%), Litecoin (+2.89%), and Ripple’s XRP (+2.54%) trailed the front runners, however.

In the current week, the crypto total market rose to a Monday high $2,438bn before falling to a Tuesday low $2,210bn. At the time of writing, the total market cap stood at $2,398bn.

Bitcoin’s dominance fell to a Monday low 44.54% before rising to a Tuesday high 45.99%. At the time of writing, Bitcoin’s dominance stood at 45.17%.

This Morning

At the time of writing, Bitcoin was up by 0.19% to $57,475.0. A mixed start to the day saw Bitcoin fall to an early morning low $57,367.9 before rising to a high $57,525.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.05%) and Chainlink (-0.59%) saw red early on.

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

At the time of writing, Crypto.com Coin was up by 1.52% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $56,482 pivot to bring the first major resistance level at $58,661 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 $59,955.

A fall through the $56,482 would bring the first major support level at $55,188 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$53,000, The second major support level at $53,009 should limit the downside.