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The Crypto Daily - Movers and Shakers - October 9th, 2021




  • In Business
  • 2021-10-09 00:15:40Z
  • By FX Empire

Bitcoin, BTC to USD, rose by 0.28% on Friday. Partially reversing a 2.78% fall from Thursday, Bitcoin ended the day at $53,947.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $53,628.0 before making a move.

Steering clear of the first major support level at $53,034, Bitcoin rose to a late morning intraday high $56,000.0.

Bitcoin broke through the first major resistance level at $54,954.

Coming within range of the second major resistance level at $56,112, however, Bitcoin fell back to end the day at sub-$54,000 levels.

The near-term bullish trend remained intact, supported the latest return to $56,000 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 Friday.

Crypto.com Coin bucked the trend, rising by 3.03%.

It was a bearish day for the rest of the majors, however.

Binance Coin led the way down, sliding by 4.40%.

Bitcoin Cash SV (-2.65%), Cardano's ADA (-1.79%), Chainlink (-1.71%), Litecoin (-1.53%), and Polkadot (-2.14%) also struggled.

Ethereum (-0.69%) and Ripple's XRP (-0.53%) saw relatively modest losses, however.

In the current week, the crypto total market fell to a Monday low $2,082bn before rising to a Friday high $2,424bn. At the time of writing, the total market cap stood at $2,303bn.

Bitcoin's dominance fell to a Monday low 42.06% before rising to a Wednesday high 45.04%. At the time of writing, Bitcoin's dominance stood at 43.94%.

This Morning

At the time of writing, Bitcoin was down by 0.24% to $53,819.6. A mixed start to the day saw Bitcoin rise to an early morning high $53,964.0 before falling to a low $53,678.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was also a bearish start to the day.

At the time of writing, Crypto.com Coin led the way down, falling by 1.40%.

 

For the Bitcoin Day Ahead

Bitcoin would need to move through the $54,525 pivot to bring the first major resistance level at $55,422 into play.

Support from the broader market would be needed for Bitcoin to break back through to $55,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Friday's high $56,000.0 would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at $58,000 levels before any pullback. The second major resistance level sits at $56,896.

Failure to move through the $54,525 would bring the first major support level at $53,051 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$52,000, The second major support level at $52,154 should limit the downside.

This article was originally posted on FX Empire

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