The Crypto Daily – Movers and Shakers – October 15th, 2021

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Updated: Oct 15, 2021, 01:04 UTC

After a mixed day for Bitcoin and the broader market, a Bitcoin break through to $58,500 levels would be needed to support the broader market.

The Rest of the Pack

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

Polkadot gave up some of Wednesday’s gains, falling by 2.27%.

Cardano’s ADA (-0.74%) also bucked the broader market trend.

It was a bullish day for the rest of the majors.

Ethereum rallied by 5.08% to lead the way, with Chainlink (+3.84%), Crypto.com Coin (+2.38%), and Litecoin (+2.14%) also finding relatively strong support.

Binance Coin (+0.44%), Bitcoin Cash SV (+0.31%), and Ripple’s XRP (+0.62%) trailed the front runners, however.

In the current week, the crypto total market fell to a Tuesday low $2,210bn before rising to a Thursday high $2,483bn. At the time of writing, the total market cap stood at $2,406bn.

Bitcoin’s dominance rose to a Tuesday high 45.99% before falling to a Thursday low 44.43%. At the time of writing, Bitcoin’s dominance stood at 44.79%.

This Morning

At the time of writing, Bitcoin was down by 0.29% to $57,190.0. A mixed start to the day saw Bitcoin rise to an early morning high $57,389.0 before falling to a low $57,155.0.

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, Litecoin was down by 0.99% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $57,566 pivot to bring the first major resistance level at $58,276 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 and Thursday’s high $58,488.0. 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 $59,199.

Failure to move through the $57,566 would bring the first major support level at $56,643 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$55,000, The second major support level at $55,933 should limit the downside.

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.