Advertisement
Advertisement

The Crypto Daily – Movers and Shakers – October 23rd, 2021

By:
Bob Mason
Updated: Oct 23, 2021, 00:46 UTC

After a mixed day for the majors on Friday, a Bitcoin fall back to sub-$60,000 would pressure the broader crypto market.

Crypto currencies word cloud

In this article:

Bitcoin, BTC to USD, fell by 2.40% on Friday. Following a 5.76% slide on Thursday, Bitcoin ended the day at $60,706.0.

A bullish start to the day saw Bitcoin rise to a late morning intraday high $63,729.0 before hitting reverse.

Falling short of the first major resistance level at $65,290, Bitcoin slid to a late afternoon intraday low $60,013.0.

Bitcoin fell through the first major support level at $60,502 before briefly revisiting $61,000 levels.

A bearish end to the day, however, saw Bitcoin fall back to end the day at sub-$61,000 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 mixed day on Friday.

Crypto.com Coin (-0.48%), Ethereum (-2.03%), Litecoin (-2.97%), and Ripple’s XRP (-0.03%) joined Bitcoin in the red.

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

Polkadot lead the way, rallying by 4.09%, with Binance Coin (+1.75%) and Chainlink (+1.41%) also finding relatively strong support.

Bitcoin Cash SV (+0.32%) and Cardano’s ADA (+0.89%) trailed the front runners, however.

In the current week, the crypto total market fell to a Monday low $2,386bn before rising to a Thursday high $2,741bn. At the time of writing, the total market cap stood at $2,525bn.

Bitcoin’s dominance rose to a Wednesday high 47.72% before falling to a Friday low 45.15%. At the time of writing, Bitcoin’s dominance stood at 45.25%.

This Morning

At the time of writing, Bitcoin was down by 60,610.8. A mixed start saw Bitcoin rise to an early morning high $60,769.0 before falling to a low $60,579.0.

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, Chainlink was down by 0.32% to lead the way down.

BTCUSD 231021 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $61,483 pivot to bring the first major resistance level at $62,952 into play.

Support from the broader market would be needed for Bitcoin to break out from $62,500 levels.

Barring a broad-based crypto rally, the first major resistance level and Friday’s high $63,729.0 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 $65,199.

Failure to move through the $61,483 would bring the first major support level at $59,236 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$58,000 levels, however. The second major support level sits at $57,767.

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