The Crypto Daily – Movers and Shakers – October 17th, 2021
Bitcoin, BTC to USD, fell by 1.33% on Saturday. Partially reversing a 7.55% rally from Friday, Bitcoin ended the day at $60,868.0.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $62,333.0 before hitting reverse.
Falling well short of the first major resistance level at $64,093, Bitcoin fell to a late afternoon intraday low $60,171.0.
Steering clear of the first major support level at $58,074, however, Bitcoin revisited $61,000 levels before easing back.
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 Saturday.
It was a bearish day for the rest of the majors, however.
Polkadot fell by 2.27% to lead the way down.
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 $2,469bn.
Bitcoin’s dominance fell to a Thursday low 44.43% before rising to a Saturday high 46.64%. At the time of writing, Bitcoin’s dominance stood at 46.42%.
At the time of writing, Bitcoin was down by 0.04% to $60,846.0. A mixed start to the day saw Bitcoin rise to an early morning high $60,920.0 before falling to a low $60,651.0.
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, Crypto.com Coin was down by 1.20% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $61,124 pivot to bring the first major resistance level at $62,077 into play.
Support from the broader market would be needed for Bitcoin to break out from $61,500 levels.
Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $62,333.0 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 $63,286.
Bitcoin would need plenty of support, however, to breakout from 14th April 2021’s swing hi $64,829.0
Failure to move through the $61,124 would bring the first major support level at $59,915 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$59,000 levels, The second major support level sits at $58,962.