The Crypto Daily – Movers and Shakers – October 28th, 2021
Bitcoin, BTC to USD, fell by 3.05% on Wednesday. Following a 4.46% slide on Tuesday, Bitcoin ended the day at $58,449.3.
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A mixed start to the day saw Bitcoin rise to an early morning intraday high $61,450.0 before hitting reverse.
Falling short of the first major resistance level at $62,482, Bitcoin slid to a late morning intraday low $57,950.0.
Bitcoin fell through the first major support level at $58,925 before finding support.
Late in the day, Bitcoin briefly broke back through the first major support level to revisit $59,000 levels before ending the day at sub-$58,500 levels.
The near-term bullish trend remained intact, supported the latest return to $66,000 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 bearish day on Wednesday.
Chainlink led the way down, tumbling by 11.06%.
Bitcoin Cash SV (-10.72%), Cardano’s ADA (-10.52%), Crypto.com Coin (-9.50%), Litecoin (-9.22), and Ripple’s XRP (-10.03%) also saw particularly heavy losses.
Binance Coin (-6.09%), Ethereum (-5.04%), and Polkadot (-7.06%) saw relatively modest losses.
In the current week, the crypto total market rose to a Tuesday high $2,702bn before falling to a Wednesday low $2,393bn. At the time of writing, the total market cap stood at $2,469bn.
Bitcoin’s dominance fell to a Wednesday low 44.07% before rising to a Wednesday high 45.45%. At the time of writing, Bitcoin’s dominance stood at 44.90%.
This Morning
At the time of writing, Bitcoin was up by 0.63% to $58,819.0. A mixed start to the day saw Bitcoin fall to an early morning low $58,392.0 before rising to a high $58,859.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bullish start to the day.
At the time of writing, Litecoin was up by 1.94% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $59,283 pivot to bring the first major resistance level at $60,616 into play.
Support from the broader market would be needed for Bitcoin to break back through to $60,000 levels.
Barring a broad-based crypto rally, the first major resistance level would likely cap the upside.
In the event of another breakout, Bitcoin could test resistance at $63,000 levels. The second major resistance level sits at $62,783.
Failure to move through the $59,283 would bring the first major support level at $57,116 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$55,000 levels, however. The second major support level at $55,783 should limit the downside.