The Crypto Daily – Movers and Shakers – October 29th, 2021
Bitcoin, BTC to USD, rose by 3.70% on Thursday. Reversing a 3.05% decline from Wednesday, Bitcoin ended the day at $60,579.0.
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After mixed morning, Bitcoin slid to a late afternoon intraday low $57,606.0 before making a move.
Steering clear of the first major support level at $57,116, Bitcoin rallied to a late intraday high $62,444.0.
Bitcoin broke through the first major resistance level at $60,616.
Falling short of the second major resistance level at $62,783, however, Bitcoin fell back to sub-$60,600 levels before steadying.
Late in the day, the first major resistance level pegged Bitcoin back from larger gains.
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 mixed day on Thursday.
Polkadot (-0.30%) bucked the trend on the day.
It was a bullish day for the rest of the majors, however.
Binance Coin (+9.65%), Crypto.com Coin (+10.54%), and Ethereum (+9.25%) led the way.
Chainlink (+4.67%), Cardano’s ADA (+3.89%), Litecoin (+5.92), and Ripple’s XRP (+6.19%) also found strong support.
Bitcoin Cash SV (+2.95%) trailed the front runners, however.
In the current week, the crypto total market rose to a Tuesday high $2,702bn before falling to a Thursday low $2,385bn. At the time of writing, the total market cap stood at $2,565bn.
Bitcoin’s dominance fell to a Wednesday low 43.62% before rising to a Wednesday high 45.81%. At the time of writing, Bitcoin’s dominance stood at 44.43%.
This Morning
At the time of writing, Bitcoin was down by 0.27% to $60,434.0. A mixed start to the day saw Bitcoin rise to an early morning high $60,778.0 before falling to a low $60,417.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bearish start to the day.
At the time of writing, Crypto.com Coin was down by 2.07% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $60,216 pivot to bring the first major resistance level at $62,826 into play.
Support from the broader market would be needed for Bitcoin to break out from Thursday’s high $62,444.0.
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 the second major resistance level at $65,054.
A fall through the $60,216 pivot would bring the first major support level at $57,988 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$57,000 levels, however. The second major support level sits at $55,378.