The Crypto Daily – Movers and Shakers – October 20th, 2021
Bitcoin, BTC to USD, rallied by 3.64% on Tuesday. Following a 0.79% gain on Monday, Bitcoin ended the day at $64,263.0.
After a mixed start to the day, Bitcoin fell to an early afternoon intraday low $61,368.0 before making a move.
Steering clear of the first major support level at $60,357, Bitcoin rallied to a final hour intraday high $64,421.0.
Bitcoin broke through the first major resistance level at $63,156 and the second major resistance level at $64,319 before easing back to sub-$64,300 levels.
The near-term bullish trend remained intact, supported the latest return to $64,000 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 Tuesday.
It was a bullish day for the rest of the majors, however.
Early in the week, the crypto total market fell to a Monday low $2,385bn before rising to a Tuesday high $2,593bn. At the time of writing, the total market cap stood at $2,547bn.
Bitcoin’s dominance fell to a Monday low 46.33% before rising to a Tuesday high 47.54%. At the time of writing, Bitcoin’s dominance stood at 47.42%.
At the time of writing, Bitcoin was down by 0.35% to $64,035.0. A mixed start to the day saw Bitcoin rise to an early morning high $64,340.7 before falling to a low $64,001.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (-0.59%), Cardano’s ADA (-0.27%), Ethereum (-0.25%), Litecoin (-0.52%), and Ripple’s XRP (-0.11%) also joined Bitcoin in the red.
It was a bullish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was up by 1.44% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $63,351 pivot to bring the first major resistance level at $65,333 into play.
Support from the broader market would be needed for Bitcoin to breakout from 14th April 2021’s swing hi $64,829.0
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 $68,000 levels before any pullback. The second major resistance level sits at $66,404.
A fall through the $63,351 would bring the first major support level at $62,280 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$60,000 levels, The second major support level at $60,298 should limit the downside.