The Crypto Daily – Movers and Shakers – October 25th, 2020It’s a bearish start to the day for Bitcoin and the broader market. A Bitcoin move through to $13,200 levels would support the pack.
Bitcoin, BTC to USD, rose by 1.52% on Saturday. Reversing a 0.40% fall from Friday, Bitcoin ended the day at $13,127.0.
It was another mixed start to the day. Bitcoin fell to an early morning intraday low $12,882.0 before making a move.
Steering clear of the first major support level at $12,768, Bitcoin rose to a mid-afternoon intraday high $13,178.0.
Bitcoin broke through the first major resistance level at $13,062 before falling back to $13,050 levels.
Finding late support, however, Bitcoin broke back through the first major resistance level to wrap up the day at $13,100 levels.
The near-term bullish trend remained intact, supported by the latest move through to $13,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 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.
Binance Coin (-0.10%) and Cardano’s ADA (-0.17%), saw red to buck the trend on the day.
It was a bullish day for the rest of the majors, with Bitcoin Cash SV (+3.03%), Chainlink (+4.39%), and Litecoin (+6.94%) leading the way.
Bitcoin Cash ABC (+2.18%), Crypto.com Coin (+0.69%) Ethereum (+0.74%), Polkadot (+0.61%), and Ripple’s XRP (+0.54%) saw relatively modest gains on the day.
In the current week, the crypto total fell to a Tuesday low $347.73bn before surging to a Thursday high $397.6bn. At the time of writing, the total market cap stood at $392.73bn.
Bitcoin’s dominance fell to a Wednesday low 57.52% before rising to a Thursday high 62.46%. At the time of writing, Bitcoin’s dominance stood at 61.81%.
At the time of writing, Bitcoin was down by 0.21% to $13,099.0. A bearish start to the day saw Bitcoin fall from an early morning high $13,128.0 to a low $13,099.0
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day, with Bitcoin Cash SV up by 1.64% to buck the trend early on.
It was a bearish start to the day for the rest of the majors, however.
At the time of writing, Crypto.com Coin and Litecoin were down by 2.13% and by 2.11% respectively to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $13,062 to bring the first major resistance level at $13,243 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from Saturday’s high $13,178.0.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of another crypto breakout, Bitcoin could test resistance at $13,500 before any pullback. The second major resistance level sits at $13,358.
Failure to avoid a fall through the $13,062 pivot would bring the first major support level at $12,947 into play.
Barring an extended crypto sell-off, Bitcoin should steer well clear of sub-$12,800 levels. The second major support level sits at $12,766.