The Crypto Daily – Movers and Shakers – October 16th, 2021
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.
It was a bullish day for the rest of the majors, 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%.
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.
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.