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The Crypto Daily – Movers and Shakers – October 21st, 2021

By:
Bob Mason
Updated: Oct 21, 2021, 01:30 UTC

After hitting a new all-time high on Wednesday, the Bitcoin bulls will be eyeing $70,000 levels. A Bitcoin move through to $67,000 levels would support the broader market.

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In this article:

Bitcoin, BTC to USD, rose by 2.73% on Wednesday. Following a 3.64% rally on Tuesday, Bitcoin ended the day at $66,021.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $63,535.0 before making a move.

Steering clear of the first major support level at $62,280, Bitcoin rallied to an early afternoon intraday high and a new swing hi $66,958.0.

Bitcoin broke through the first major resistance level at $65,333 and the second major resistance level at $66,404 before easing back to sub-$66,000 levels.

Finding late support, however, Bitcoin wrapped up the day at $66,000 levels.

The near-term bullish trend remained intact, supported the latest return to $66,000 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 bullish day on Wednesday.

Litecoin rallied by 9.85% to lead the way, with Ethereum rallying by 7.31%.

Chainlink (+5.98%), Polkadot (+4.62%), and Ripple’s XRP (+4.90%) also found strong support.

Binance Coin (+2.72%) Bitcoin Cash SV (+3.85%), Cardano’s ADA (+3.81%), and Crypto.com Coin (+3.96%) trailed the front runners, however.

In the current week, the crypto total market fell to a Monday low $2,385bn before rising to a Wednesday high $2,701bn. At the time of writing, the total market cap stood at $2,651bn.

Bitcoin’s dominance fell to a Monday low 46.33% before rising to a Wednesday high 47.73%. At the time of writing, Bitcoin’s dominance stood at 46.76%.

This Morning

At the time of writing, Bitcoin was down by 0.50% to $65,693.2. A bearish start to the day saw Bitcoin fall from an early morning high $66,022.0 to a low $65,687.0.

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

Elsewhere, it was a mixed start to the day.

Cardano’s ADA (+0.08%) and Crypto.com Coin (+0.03%) avoided the red early on.

It was a bearish start for the rest of the majors, however.

At the time of writing, Binance Coin was down by 0.54% to lead the way down.

BTCUSD 211021 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $65,505 pivot to bring the first major resistance level at $67,474 into play.

Support from the broader market would be needed for Bitcoin to breakout from Wednesday’s new swing hi $66,958.0

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 $70,000 levels before any pullback. The second major resistance level sits at $68,928.

A fall through the $65,505 would bring the first major support level at $64,051 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$64,000 levels, The second major support level sits at $62,082.

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.

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