The Crypto Daily – Movers and Shakers – October 22nd, 2021
Bitcoin, BTC to USD, slid by 5.76% on Thursday. Reversing a 2.73% gain from Wednesday, Bitcoin ended the day at $62,219.5.
A mixed start to the day saw Bitcoin rise to a late morning intraday high $66,643.0 before hitting reverse.
Falling short of the first major resistance level at $67.474, Bitcoin slid to a mid-afternoon intraday low $61,855.0.
The sell-off saw Bitcoin fall through the first major support level at $64,051 and the second major support level at $62,082.
Finding late support, however, Bitcoin broke back through the second major support level to end the day at $62,200 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 mixed day on Thursday.
Chainlink (+2.88%) and Polkadot (+2.35%) avoided the red on the day.
It was a bearish day for the rest of the majors, however.
Binance Coin slid by 6.06% to lead the way down, with Litecoin (-5.07%) and Ripple’s XRP (-5.04%) also struggling.
Bitcoin Cash SV (-3.45%), Cardano’s ADA (-2.39%), Crypto.com Coin (-2.00%), and Ethereum (-2.59%) saw relatively modest losses, however.
In the current week, the crypto total market fell to a Monday low $2,386bn before rising to a Thursday high $2,741bn. At the time of writing, the total market cap stood at $2,563bn.
Bitcoin’s dominance rose to a Wednesday high 47.72% before falling to a Thursday low 45.84%. At the time of writing, Bitcoin’s dominance stood at 45.93%.
At the time of writing, Bitcoin was up by 0.33% to $62,426.0. A mixed start to the day saw Bitcoin fall to an early morning low $62,141.0 before rising to a high $62,426.0.
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, Chainlink was up by 0.80% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $63,573 pivot to bring the first major resistance level at $65,290 into play.
Support from the broader market would be needed for Bitcoin to break back through to $65,000 levels.
Barring a broad-based crypto rally, the first major resistance level and Thursday’s high $66,643.0 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 $68,361.
Failure to move through the $63,573 would bring the first major support level at $60,502 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$60,000 levels, however. The second major support level sits at $58,785.