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The Crypto Daily – Movers and Shakers – October 6th, 2021
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Following Tuesday's broad-based crypto rally, a Bitcoin move back through to $52,500 levels would support another breakout day for the broader market.
In this article:
Bitcoin, BTC to USD, rallied by 4.58% on Tuesday. Following a 2.10% gain on Monday, Bitcoin ended the day at $51,508.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $49,065.0 before making a move.
Steering clear of the first major support level at $47,598, Bitcoin rallied to a late intraday high $51,922.0.
Bitcoin broke through the first major resistance level at $50,204 and the second major resistance level at $51.167.
The breakout also saw Bitcoin break through the 23.6% FIB of $50,473 to end the day at $51,500 levels.
The near-term bullish trend remained intact, supported the latest return to $51,000 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 Tuesday.
Polkadot slid by 3.60% to buck the trend on the day.
It was a bullish day for the rest of the pack, however.
Binance Coin (+3.73%), Ethereum (+3.79%), Litecoin (+3.71%), and Ripple’s XRP (+3.95%) led the way.
Bitcoin Cash SV (+2.76%), Cardano’s ADA (+1.91%), Chainlink (+2.43%), and Crypto.com Coin, (+1.77%) trailed the front runners, however.
Early in the week, the crypto total market fell to a Monday low $2,082bn before rising to a Tuesday high $2,293bn. At the time of writing, the total market cap stood at $2,235bn.
Bitcoin’s dominance fell to a Monday low 42.06% before rising to a Tuesday high 43.50%. At the time of writing, Bitcoin’s dominance stood at 43.32%.
This Morning
At the time of writing, Bitcoin was down by 0.17% to $51,423.0. A mixed start to the day saw Bitcoin rise to an early morning high $51,520.0 before falling to a low $51,235.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Cardano’s ADA (-0.09%), Polkadot (-0.11%), and Ripple’s XRP (-0.21%) joined Bitcoin in the 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 1.11% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $50,832 pivot to bring the first major resistance level at $52,598 into play.
Support from the broader market would be needed for Bitcoin to break back through to $52,000 levels.
Barring a broad-based crypto rally, the first major resistance level would likely cap the upside.
In the event of a broad-based crypto rally, Bitcoin could test resistance at $55,000 levels before any pullback. The second major resistance level sits at $53,689.
A fall through the $50,832 would bring the 23.6% FIB of $50,473 and the first major support level at $49,741 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$49,000. The second major support level sits at $47,975.
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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