The Crypto Daily – Movers and Shakers – October 7th, 2020It’s a bearish start to the day. A Bitcoin move back through to $10,700 levels should support the broader market.
Bitcoin, BTC to USD, fell by 1.79% on Tuesday. Reversing a 1.12% gain from Monday, Bitcoin ended the day at $10,613.7.
It was a mixed start to the day. Bitcoin rose to an early morning intraday high $10,820 before hitting reverse.
Coming up short the first major resistance level at $10,870, Bitcoin slid to a late intraday low $10,548.0.
Bitcoin fell through the first major support level at $10,691 and the second major support level at $10,574.
Steering clear of sub-$10,500 levels, Bitcoin broke back through the second major support level to end the day at $10,600 levels.
The near-term bullish trend remained intact, in spite of the 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 mixed day on Tuesday.
Crypto.com Coin rose by 0.13% to buck the trend on the day.
It was a bearish day for the rest of the major, however.
Chainlink and Polkadot slid by 8.95% and by 8.29% respectively to lead the way down.
Binance Coin (-3.21%), Bitcoin Cash SV (-2.80%), Cardano’s ADA (-4.71%), Ethereum (-3.69%), and Ripple’s XRP (-2.12%) also saw heavy losses.
Bitcoin Cash ABC (-1.16%) and Litecoin (-0.73%) saw relatively modest losses.
At the start of the week, the crypto total market rose to a Monday high $335.65bn before sliding to a Tuesday low $324.30bn. At the time of writing, the total market cap stood at $325.65bn.
Bitcoin’s dominance fell to a Monday low 59.28% before rising to an early Wednesday high 60.23%. At the time of writing, Bitcoin’s dominance stood at 60.17%.
At the time of writing, Bitcoin was down by 0.11% to $10,602.0 A bearish start to the day saw Bitcoin fall from an early morning high $10,616.0 to a low $10,596.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day. Bitcoin Cash SV was up by 0.61% to buck the trend early on.
It was a bearish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was down by 1.48% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the pivot level at $10,661 to bring the first major resistance level at $10,773 into play.
Support from the broader market would be needed, however, for Bitcoin to break back through to $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 resistance at $10,800 before any pullback. The second major resistance level sits at $10,933.
Failure to move through the $10,661 pivot would bring the first major support level at $10,501 into play.
Barring another extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,400 support levels. The second major support level sits at $10,389.