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The Crypto Daily – Movers and Shakers – October 29th, 2021

By:
Bob Mason
Updated: Oct 29, 2021, 00:43 UTC

Following a broad-based crypto rally on Thursday, a Bitcoin move back through to $62,000 levels would support another bullish day ahead for the majors.

Ethereum Crypto Currency Market

In this article:

Bitcoin, BTC to USD, rose by 3.70% on Thursday. Reversing a 3.05% decline from Wednesday, Bitcoin ended the day at $60,579.0.

After mixed morning, Bitcoin slid to a late afternoon intraday low $57,606.0 before making a move.

Steering clear of the first major support level at $57,116, Bitcoin rallied to a late intraday high $62,444.0.

Bitcoin broke through the first major resistance level at $60,616.

Falling short of the second major resistance level at $62,783, however, Bitcoin fell back to sub-$60,600 levels before steadying.

Late in the day, the first major resistance level pegged Bitcoin back from larger gains.

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 Thursday.

Polkadot (-0.30%) bucked the trend on the day.

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

Binance Coin  (+9.65%), Crypto.com Coin (+10.54%), and Ethereum (+9.25%) led the way.

Chainlink (+4.67%), Cardano’s ADA (+3.89%), Litecoin (+5.92), and Ripple’s XRP (+6.19%) also found strong support.

Bitcoin Cash SV (+2.95%) trailed the front runners, however.

In the current week, the crypto total market rose to a Tuesday high $2,702bn before falling to a Thursday low $2,385bn. At the time of writing, the total market cap stood at $2,565bn.

Bitcoin’s dominance fell to a Wednesday low 43.62% before rising to a Wednesday high 45.81%. At the time of writing, Bitcoin’s dominance stood at 44.43%.

 

This Morning

At the time of writing, Bitcoin was down by 0.27% to $60,434.0. A mixed start to the day saw Bitcoin rise to an early morning high $60,778.0 before falling to a low $60,417.0.

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, Crypto.com Coin was down by 2.07% to lead the way down.

BTCUSD 291021 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $60,216 pivot to bring the first major resistance level at $62,826 into play.

Support from the broader market would be needed for Bitcoin to break out from Thursday’s high $62,444.0.

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 the second major resistance level at $65,054.

A fall through the $60,216 pivot would bring the first major support level at $57,988 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 sits at $55,378.

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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