The Crypto Daily – Movers and Shakers – October 30th, 2021
Bitcoin, BTC to USD, rose by 2.77% on Friday. Following a 3.70% gain on Thursday, Bitcoin ended the day at $62,257.7.
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A mixed start saw Bitcoin fall to an early morning intraday low $60,188.0 before making a move.
Steering clear of the first major support level at $57,988, Bitcoin rallied to a late afternoon intraday high $62,980.0.
Bitcoin broke through the first major resistance level at $62,826 before a fall back to sub-$62,000 levels.
Finding late support, however, Bitcoin broke back through to $62,000 levels to deliver the upside on the day.
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 bullish day on Friday.
Binance Coin and Crypto.com Coin rallied by 7.70% and by 7.72% to lead the way.
Bitcoin Cash SV (+4.79%), Ethereum (+3.10%), and Litecoin (+3.55) also found strong support.
Chainlink (+2.37%), Cardano’s ADA (+1.42%), Polkadot (+2.69%), and Ripple’s XRP (+2.05%) 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 $2,627bn.
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 44.57%.
This Morning
At the time of writing, Bitcoin was down by 0.24% to $62,108.0. A mixed start to the day saw Bitcoin rise to an early morning high $62,353.0 before falling to a low $62,107.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (+0.28%), Chainlink (+0.20%), and Crypto.com Coin (+0.36%) found early support.
It was a bearish start for the rest of the majors, however.
At the time of writing, Ethereum was down by 0.80% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $61,809 pivot to bring the first major resistance level at $63,429 into play.
Support from the broader market would be needed for Bitcoin to break out from Friday’s high $62,980.0.
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 resistance at $65,000 levels before any pullback. The second major resistance level sits at $64,601.
A fall through the $61,809 pivot would bring the first major support level at $60,637 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$59,000 levels, however. The second major support level at $59,017 should limit the downside.