Advertisement
Advertisement

The Crypto Daily – Movers and Shakers – October 30th, 2021

By:
Bob Mason
Updated: Oct 30, 2021, 01:00 UTC

After a bullish day for the majors on Friday, a Bitcoin move back through to $63,500 levels would signal a breakout day ahead.

Group of golden Bitcoin coins arranged in a grid

In this article:

Bitcoin, BTC to USD, rose by 2.77% on Friday. Following a 3.70% gain on Thursday, Bitcoin ended the day at $62,257.7.

A mixed start saw Bitcoin fall to an early morning intraday low $60,188.0 before making a move.

Steering clear of the first major support level at $57,988, Bitcoin rallied to a late afternoon intraday high $62,980.0.

Bitcoin broke through the first major resistance level at $62,826 before a fall back to sub-$62,000 levels.

Finding late support, however, Bitcoin broke back through to $62,000 levels to deliver the upside on the day.

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 Friday.

Binance Coin  and Crypto.com Coin rallied by 7.70% and by 7.72% to lead the way.

Bitcoin Cash SV (+4.79%), Ethereum (+3.10%), and Litecoin (+3.55) also found strong support.

Chainlink (+2.37%), Cardano’s ADA (+1.42%), Polkadot (+2.69%), and Ripple’s XRP (+2.05%) 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 $2,627bn.

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 44.57%.

This Morning

At the time of writing, Bitcoin was down by 0.24% to $62,108.0. A mixed start to the day saw Bitcoin rise to an early morning high $62,353.0 before falling to a low $62,107.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (+0.28%), Chainlink (+0.20%), and Crypto.com Coin (+0.36%) found early support.

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

At the time of writing, Ethereum was down by 0.80% to lead the way down.

BTCUSD 301021 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $61,809 pivot to bring the first major resistance level at $63,429 into play.

Support from the broader market would be needed for Bitcoin to break out from Friday’s high $62,980.0.

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 $65,000 levels before any pullback. The second major resistance level sits at $64,601.

A fall through the $61,809 pivot would bring the first major support level at $60,637 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$59,000 levels, however. The second major support level at $59,017 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.

Did you find this article useful?

Advertisement