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The Crypto Daily – Movers and Shakers – October 8th, 2021

By:
Bob Mason
Updated: Oct 8, 2021, 00:53 UTC

Following the Bitcoin pullback on Thursday, a Bitcoin move back through to $55,000 levels would deliver support to the broader market.

Depositphotos_197585438_s-2019

In this article:

Bitcoin, BTC to USD, fell by 2.78% on Thursday. Partially reversing a 7.45% rally from Wednesday, Bitcoin ended the day at $53,797.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $55,349.0 before hitting reverse.

Falling well short of the first major resistance level at $57,239, Bitcoin slid to an early afternoon intraday low $53,429.0.

Steering clear of the first major support level at $51,934, however, Bitcoin revisited $54,600 levels before ending the day at sub-$54,000 levels.

The near-term bullish trend remained intact, supported the latest return to $55,000 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 Thursday.

Crypto.com Coin and Ripple’s XRP fell by 0.66% and by 0.78% respectively to join Bitcoin in the red.

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

Bitcoin Cash SV jumped by 19.38% to lead the way, with Polkadot (+8.54%) and Cardano’s ADA (+3.11%) also finding strong support.

Binance Coin (+0.83%), Chainlink (+0.07%), Ethereum (+0.34%), and Litecoin (+0.06%) trailed the front runners, however.

In the current week, the crypto total market fell to a Monday low $2,082bn before rising to a Wednesday high $2,404bn. At the time of writing, the total market cap stood at $2,315bn.

Bitcoin’s dominance fell to a Monday low 42.06% before rising to a Wednesday high 45.04%. At the time of writing, Bitcoin’s dominance stood at 43.88%.

This Morning

At the time of writing, Bitcoin was up by 0.28% to $53,949.0. A mixed start to the day saw Bitcoin fall to an early morning low $53,754.0 before rising to a high $53,987.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (-0.65%), Crypto.com Coin (-0.10%), and Polkadot (-0.02%) bucked the early trend.

It’s been a bullish start for the rest of the majors, however.

At the time of writing, Litecoin was up by 0.71% to lead the way.

BTCUSD 081021 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $54,192 pivot to bring the first major resistance level at $54,954 into play.

Support from the broader market would be needed for Bitcoin to break out from $54,500 levels.

Barring a broad-based crypto rally, the first major resistance level and Thursday’s high $55,349.0 would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at $57,000 levels before any pullback. The second major resistance level sits at $56,112.

Failure to move through the $54,192 would bring the first major support level at $53,034 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$52,000, The second major support level at $52,272 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.

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