The Crypto Daily – Movers and Shakers – October 5th, 2020
Bitcoin, BTC to USD, rose by 1.22% on Sunday. Reversing a 0.26% fall from Saturday, Bitcoin ended the week down by 1.08% to $10,678.0.
It was a mixed start to the day. Bitcoin fell to an early morning intraday low $10,541.0 before finding support.
Steering clear of the first major support level at $10,509, Bitcoin rose to a mid-morning high $10,676.0.
Bitcoin broke through the first major resistance level at $10,612 and the second major resistance level at $10,666.
A pullback through the late morning saw Bitcoin fall back through to sub-$10,600 levels going into the afternoon.
Through the 2nd half of the day, Bitcoin rallied to a late intraday high $10,713.0 before easing back to end the day at $10,680 levels.
The rally saw Bitcoin break back through the first and second major resistance levels.
The near-term bullish trend remained intact, in spite of the latest pullback to sub-$11,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a bullish day on Sunday.
Ripple’s XRP rallied by 6.50% to lead the way.
Binance Coin (+2.80%), Cardano’s ADA (+3.71%), and Litecoin (+2.52%) also found strong support.
Bitcoin Cash ABC (+0.73%), Bitcoin Cash SV (+1.23%), Chainlink (+1.38%), Crypto.com Coin (+0.48%), Ethereum (+1.82%), and Polkadot (+1.48%) trailed the front runners.
For the week, it was a mixed bag for the majors, however.
Binance Coin rallied by 10.44% to lead the way, with Litecoin (+1.35%) and Ripple’s XRP (+1.86%) also making gains.
It was a bearish week for the rest of the pack, however.
Chainlink led the way down, sliding by 12.95%.
Bitcoin Cash ABC (-3.71%), Bitcoin Cash SV (-5.46%), Cardano’s ADA (-4.39%), Crypto.com Coin (-4.53%), Ethereum (-1.41%), and Polkadot (+1.98%) also joined Bitcoin in the red.
In the week, the crypto total market rose to a Thursday high $344.75bn before falling to a Friday low $320.03bn. At the time of writing, the total market cap stood at $334.06bn.
Bitcoin’s dominance fell to a Thursday low 58.73% before rising to a Friday high 60.02%. At the time of writing, Bitcoin’s dominance stood at 59.31%.
At the time of writing, Bitcoin was up by 0.27% to $10,716.0. A bullish start to the day saw Bitcoin rally from an early morning low $10,680.0 to a high $10,758.0.
Bitcoin tested the first major resistance level at $10,753 early on.
Elsewhere, it was a mixed start to the day.
Litecoin was down by 0.30% to buck the trend early on.
It was a bullish day for the rest of the majors, however.
At the time of writing, Cardano’s ADA was up by 2.39% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall back through the pivot level at $10,647 to bring the first major resistance level at $10,753 back into play.
Support from the broader market would be needed, however, for Bitcoin to hold onto $10,700 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a crypto breakout, Bitcoin could test the second major resistance level at $10,819 before any pullback.
Failure to avoid a fall back through the $10,647 pivot would bring the first major support level at $10,581 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,500 support levels. The second major support level sits at $10,475.