The Crypto Daily – Movers and Shakers – September 28th, 2021

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Published: Sep 28, 2021, 00:56 UTC

Following a bearish start to the week for Bitcoin and the broader market, a Bitcoin return to $45,000 levels would support a breakout.

Coins of crypto currency are presented on a dark background. Virtual money concept.

The Rest of the Pack

Across the rest of the majors, it was a bearish day on Monday.

Chainlink slid by 6.32% to lead the way down.

Cardano’s ADA (-3.48%), Ethereum (-4.40%), and Litecoin (-3.66%) also struggled.

Binance Coin (-2.54%), Bitcoin Cash SV (-1.99%), Crypto.com Coin (-1.00%), Polkadot (-1.57%), and Ripple’s XRP (-2.24%) saw relatively modest losses.

Early in the week, the crypto total market rose to a Monday high $1,997bn before sliding to an early Tuesday low $1,880bn. At the time of writing, the total market cap stood at $1,902bn.

Bitcoin’s dominance fell to a Monday low 41.79% before rising to a Monday high 42.15%. At the time of writing, Bitcoin’s dominance stood at 41.94%.

This Morning

At the time of writing, Bitcoin was up by 0.45% to $42,369.0. A mixed start to the day saw Bitcoin fall to an early morning low $42,000.0 before rising to a high $42,386.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin bucked the early trend, falling by 2.60%.

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

At the time of writing, Bitcoin Cash SV was up by 1.48% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $42,891 pivot to bring the first major resistance level at $43,646 into play.

Support from the broader market would be needed for Bitcoin to break out from $43,500 levels.

Barring a broad-based crypto rally, the first major resistance level and Monday’s high $44,356 would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at $45,000 levels before any pullback. The second major resistance level sits at $45,112.

Failure to move through the $42,891 pivot would bring the 38.2% FIB of $41,592 and the first major support level at $41,425 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$40,000. The second major support level at $40,670 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.