The Crypto Daily – Movers and Shakers – October 31st, 2021
Bitcoin, BTC to USD, fell by 0.62% on Saturday. Partially reversing a 2.77% gain from Friday, Bitcoin ended the day at $61,880.0.
A mixed start saw Bitcoin rise to an early morning intraday high $62,353.0 before hitting reverse.
Falling well short of the first major resistance level at $63,429, Bitcoin slid to an early afternoon intraday low $60,755.0.
Coming within range of the first major support level at $60,637, Bitcoin revisited $61,900 levels before easing back.
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 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.
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%.
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.