The Crypto Daily – Movers and Shakers – October 31st, 2021

By:

Updated: Oct 31, 2021, 01:55 UTC

Following a bearish day for Bitcoin and the broader market, a Bitcoin move back through to $62,500 levels would signal a breakout day ahead.

Silver and golden coins with bitcoin, ripple and ethereum symbol

The Rest of the Pack

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

Ripple’s XRP bucked the trend, rising by 0.34%.

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

Chainlink slid by 3.78% to lead the way.

Cardano’s ADA (-2.88%), Crypto.com Coin (-2.87%), Ethereum (-2.18%), Litecoin (-3.21%), and Polkadot (-2.66%) also struggled.

Binance Coin (-0.32%) and Bitcoin Cash SV (-1.30%) saw relatively modest losses, 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 $2,619bn.

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 44.77%.

This Morning

At the time of writing, Bitcoin was up by 0.49% to $62,186.0. A bullish start to the day saw Bitcoin rise from an early morning low $61,879.0 to a high $62,186.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (-0.77%), Cardano’s ADA (-0.15%), and Polkadot (-0.26%) saw red early on.

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

At the time of writing, Crypto.com Coin was up by 0.80% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $61,663 pivot to bring the first major resistance level at $62,570 into play.

Support from the broader market would be needed for Bitcoin to break out from Saturday’s high $62,353.0.

Barring a broad-based crypto rally, the first major resistance level and resistance at $62,500 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 $63,261, with the third major resistance level at $64,859.

A fall back through the $61,663 pivot would bring the first major support level at $60,972 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$60,000 levels, however. The second major support level at $60,065 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.