The Crypto Daily – Movers and Shakers – October 21st, 2021
Bitcoin, BTC to USD, rose by 2.73% on Wednesday. Following a 3.64% rally on Tuesday, Bitcoin ended the day at $66,021.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $63,535.0 before making a move.
Steering clear of the first major support level at $62,280, Bitcoin rallied to an early afternoon intraday high and a new swing hi $66,958.0.
Bitcoin broke through the first major resistance level at $65,333 and the second major resistance level at $66,404 before easing back to sub-$66,000 levels.
Finding late support, however, Bitcoin wrapped up the day at $66,000 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 bullish day on Wednesday.
Litecoin rallied by 9.85% to lead the way, with Ethereum rallying by 7.31%.
Chainlink (+5.98%), Polkadot (+4.62%), and Ripple’s XRP (+4.90%) also found strong support.
Binance Coin (+2.72%) Bitcoin Cash SV (+3.85%), Cardano’s ADA (+3.81%), and Crypto.com Coin (+3.96%) trailed the front runners, however.
In the current week, the crypto total market fell to a Monday low $2,385bn before rising to a Wednesday high $2,701bn. At the time of writing, the total market cap stood at $2,651bn.
Bitcoin’s dominance fell to a Monday low 46.33% before rising to a Wednesday high 47.73%. At the time of writing, Bitcoin’s dominance stood at 46.76%.
At the time of writing, Bitcoin was down by 0.50% to $65,693.2. A bearish start to the day saw Bitcoin fall from an early morning high $66,022.0 to a low $65,687.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Cardano’s ADA (+0.08%) and Crypto.com Coin (+0.03%) avoided the red early on.
It was a bearish start for the rest of the majors, however.
At the time of writing, Binance Coin was down by 0.54% to lead the way down.
For the Bitcoin Day AheadBitcoin would need to avoid the $65,505 pivot to bring the first major resistance level at $67,474 into play.
Support from the broader market would be needed for Bitcoin to breakout from Wednesday’s new swing hi $66,958.0
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 $70,000 levels before any pullback. The second major resistance level sits at $68,928.
A fall through the $65,505 would bring the first major support level at $64,051 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$64,000 levels, The second major support level sits at $62,082.