The Crypto Daily – Movers and Shakers – October 27th, 2021

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Updated: Oct 27, 2021, 00:57 UTC

After a mixed day for the majors on Tuesday, revisiting the day's highs would be needed to avoid another a day in the deep red. A Bitcoin return to $62,500 would support the pack.

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The Rest of the Pack

Across the rest of the majors, it was a mixed day on Tuesday.

Polkadot rallied by 5.49% to lead the way, with Chainlink (+0.22%), Crypto.com Coin (+2.51%), Litecoin (+1.04) and Ripple’s XRP (+1.06%) also avoiding the red.

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

Ethereum slid by 2.12% to lead the way down.

Binance Coin (-1.44%), Bitcoin Cash SV (-0.47%), and Cardano’s ADA (-0.35%) also struggled.

Early in the week, the crypto total market rose to a Tuesday high $2,701bn before falling to a Tuesday low $2,512bn. At the time of writing, the total market cap stood at $2,581bn.

Bitcoin’s dominance rose to a Monday high 45.36% before falling to a Tuesday low $44.19. At the time of writing, Bitcoin’s dominance stood at 44.36%.

This Morning

At the time of writing, Bitcoin was up by 0.64% to $60,671.0. A mixed start to the day saw Bitcoin fall to an early morning low $60,113.0 before rising to a high $60,671.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin (-1.17%) and Polkadot (-0.70%) saw red early on to buck the broader trend.

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

At the time of writing, Litecoin was up by 0.49% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $61,129 pivot to bring the first major resistance level at $62,492 into play.

Support from the broader market would be needed for Bitcoin to break back through to $62,000 levels.

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 $65,000 levels. The second major resistance level sits at $64,696.

Failure to move through the $61,129 would bring the first major support level at $58,925 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$57,000 levels, however. The second major support level at $57,562 should limit the downside.

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.