Advertisement
Advertisement

The Crypto Daily – Movers and Shakers – October 16th, 2021

By:
Bob Mason
Updated: Oct 16, 2021, 01:13 GMT+00:00

It was a bullish day for Bitcoin and the broader market on Friday, with Bitcoin futures news delivering support. A Bitcoin move through to $64,000 would signal a breakout.

Many golden bitcoins, closeup

In this article:

Bitcoin, BTC to USD, rallied by 7.55% on Friday. Following a 0.03% decline on Thursday, Bitcoin ended the day at $61,680.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $56,881.0 before making a move.

Steering clear of the first major support level at $56,643, Bitcoin surged to a late intraday high $62,900.0.

Bitcoin broke through the day’s major resistance levels to wrap up the day at $61,000 levels for the 1st time since April.

Demand for Bitcoin came off the back of chatter from the U.S of a likely SEC approval of a Bitcoin futures ETF.

The near-term bullish trend remained intact, supported the latest return to $62,000 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 Friday.

Crypto.com Coin and Polkadot fell by 1.15% and by 1.14% respectively, with Bitcoin Cash SV (-0.03%) also bucking the trend.

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

Litecoin rallied by 4.50% to lead the way. Cardano’s ADA (+2.01%) and Ethereum (+2.08) also found strong support.

Binance Coin (+0.32%), Chainlink (+0.98%), and Ripple’s XRP (+0.58%) trailed the front runners, however.

In the current week, the crypto total market fell to a Tuesday low $2,210bn before rising to a Friday high $2,606bn. At the time of writing, the total market cap stood at $2,495bn.

Bitcoin’s dominance fell to a Thursday low 44.43% before rising to a Friday high 46.29%. At the time of writing, Bitcoin’s dominance stood at 46.28%.

This Morning

At the time of writing, Bitcoin was down by 0.60% to $61,311.4. A mixed start to the day saw Bitcoin rise to an early morning high $61,780.0 before falling to a low $61,292.0.

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

Elsewhere, it was a mixed start to the day.

Ethereum (-0.59%) and Ripple’s XRP (-0.07%) joined Bitcoin in the red early on.

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

At the time of writing, Crypto.com Coin was up by 1.37% to lead the way.

BTCUSD 161021 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $60,487 pivot to bring the first major resistance level at $64,093 into play.

Support from the broader market would be needed for Bitcoin to break out from Friday’s high $62,900.0.

Barring a broad-based crypto rally, the first major resistance level would likely cap the upside.

In the event of another breakout, Bitcoin could test resistance at $65,000 levels before any pullback. The second major resistance level sits at $66,506.

Bitcoin would need plenty of support, however, to breakout from 14th April 2021’s swing hi $64,829.0

A fall through the $60,487 would bring the first major support level at $58,074 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 $54,468.

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.

Did you find this article useful?

Advertisement