The Crypto Daily – The Movers and Shakers – October 24th, 2020It’s a bearish start to the day. A Bitcoin move back through to $13,000 levels would support the broader market.
Bitcoin, BTC to USD, fell by 0.40% on Friday. Partially reversing a 1.38% gain from Thursday, Bitcoin ended the day at $12,930.0.
It was a mixed start to the day. Bitcoin rose to a late morning intraday high $13,032.0 before hitting reverse.
Falling short of the first major resistance level at $13,214, Bitcoin fell to a late afternoon intraday low $12,738.0.
Finding support at the first major support level at $12,736, Bitcoin revisited $12,970 levels before easing back.
The near-term bullish trend remained intact, supported by the latest move through to $13,000 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 Friday.
Bitcoin Cash ABC (+0.75%), Chainlink (+1.63%), Crypto.com Coin (+0.82%), Litecoin (+1.87%), and Polkadot (+0.12%) found support, while Binance Coin ended the day flat.
It was a bearish day for the rest of the majors.
Bitcoin Cash SV (-2.19%) and Cardano’s ADA (-2.31%) led the way down.
Ethereum (-1.23%) and Ripple’s XRP (-0.92%) saw relatively modest losses on the day.
In the current week, the crypto total fell to a Tuesday low $347.77bn before surging to a Thursday high $397.58bn. At the time of writing, the total market cap stood at $387.31bn.
Bitcoin’s dominance fell to a Wednesday low 57.52% before rising to a Thursday high 62.46%. At the time of writing, Bitcoin’s dominance stood at 61.82%.
At the time of writing, Bitcoin was down by 0.11% to $12,921.0. A mixed start to the day saw Bitcoin rise to an early morning high $12,933.0 before falling to a low $12,882.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a mixed start to the day for the broader market.
Crypto.com Coin (+2.23%), and Polkadot (+0.13%) found support to buck the trend early on.
It was a bearish start for the rest of the majors, however.
At the time of writing, Chainlink was down by 1.03% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall back through the pivot level at $12,900 to bring the first major resistance level at $13,062 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from Friday’s high $13,032.0.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of another crypto breakout, Bitcoin could test resistance at $13,200 before any pullback. The second major resistance level sits at $13,194.
Failure to avoid a fall back through the $12,900 pivot would bring the first major support level at $12,768 into play.
Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$12,700 levels. The second major support level sits at $12,606.