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The Crypto Daily – Movers and Shakers – October 9th, 2021

By:
Bob Mason
Updated: Oct 9, 2021, 01:25 UTC

Following a mixed day for the majors on Friday, a Bitcoin return to $56,000 levels would support a broad-based crypto rally.

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In this article:

Bitcoin, BTC to USD, rose by 0.28% on Friday. Partially reversing a 2.78% fall from Thursday, Bitcoin ended the day at $53,947.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $53,628.0 before making a move.

Steering clear of the first major support level at $53,034, Bitcoin rose to a late morning intraday high $56,000.0.

Bitcoin broke through the first major resistance level at $54,954.

Coming within range of the second major resistance level at $56,112, however, Bitcoin fell back to end the day at sub-$54,000 levels.

The near-term bullish trend remained intact, supported the latest return to $56,000 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 Friday.

Crypto.com Coin bucked the trend, rising by 3.03%.

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

Binance Coin led the way down, sliding by 4.40%.

Bitcoin Cash SV (-2.65%), Cardano’s ADA (-1.79%), Chainlink (-1.71%), Litecoin (-1.53%), and Polkadot (-2.14%) also struggled.

Ethereum (-0.69%) and Ripple’s XRP (-0.53%) saw relatively modest losses, however.

In the current week, the crypto total market fell to a Monday low $2,082bn before rising to a Friday high $2,424bn. At the time of writing, the total market cap stood at $2,303bn.

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 43.94%.

This Morning

At the time of writing, Bitcoin was down by 0.24% to $53,819.6. A mixed start to the day saw Bitcoin rise to an early morning high $53,964.0 before falling to a low $53,678.0.

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

Elsewhere, it was also a bearish start to the day.

At the time of writing, Crypto.com Coin led the way down, falling by 1.40%.

BTCUSD 091021 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $54,525 pivot to bring the first major resistance level at $55,422 into play.

Support from the broader market would be needed for Bitcoin to break back through to $55,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Friday’s high $56,000.0 would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at $58,000 levels before any pullback. The second major resistance level sits at $56,896.

Failure to move through the $54,525 would bring the first major support level at $53,051 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$52,000, The second major support level at $52,154 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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