The Crypto Daily – Movers and Shakers – October 26th, 2021
Bitcoin, BTC to USD, rallied by 3.73% on Monday. Reversing a 0.73% loss from Sunday, Bitcoin ended the day at $63,100.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $60,632.0 before making a move.
Steering clear of the first major support level at $59,761, Bitcoin rallied to a late afternoon intraday high $63,666.0.
Bitcoin broke through the first major resistance level at $61,704 and the second major resistance level at $62,562.
Late in the day, Bitcoin briefly fell back to $62,500 levels before ending the day at $63,100 levels. The second major resistance level at $62,562 delivered support late in 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 Monday.
Chainlink rallied by 8.94% to lead the way, with Crypto.com Coin (+5.96%), Ethereum (+3.40%), and Litecoin (+2.62%) also finding strong support.
Binance Coin (+1.94%), Bitcoin Cash SV (+0.24%), Cardano’s ADA (+1.20%), Polkadot (+1.58%), and Ripple’s XRP (+1.12%) trailed the front runners, however.
Early in the week, the crypto total market fell to an early Monday low $2,597bn before rising to a Monday high $2,649bn. At the time of writing, the total market cap stood at $2,634bn.
Bitcoin’s dominance fell to an early Monday low 45.00% before rising to a high 45.53%. At the time of writing, Bitcoin’s dominance stood at 45.08%.
At the time of writing, Bitcoin was down by 0.12% to $63,021.4. A mixed start to the day saw Bitcoin rise to an early morning high $63,158.0 before falling to a low $62,873.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV bucked the early trend, rising by 0.08%.
It was a bearish start for the rest of the majors, however.
At the time of writing, Chainlink was down by 0.59% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $62,466 pivot to bring the first major resistance level at $64,300 into play.
Support from the broader market would be needed for Bitcoin to break out from Monday’s high $63,666.0.
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 the second major resistance level at $65,500.
A fall through the $62,466 would bring the first major support level at $61,266 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 $59,432.