News

The Crypto Daily – Movers and Shakers – October 12th, 2021

Bob MasonTue, October 12, 2021, 3:22 AM

Bitcoin, BTC to USD, rose by 5.14% on Monday. Reversing a 0.52% decline from Sunday, Bitcoin ended the day at $57,489.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $54,430.0 before making a move.

Steering clear of the first major support level at $53,720, Bitcoin rose to a late intraday high $57,821.0.

Bitcoin broke through the first major resistance level at $56,056 and the second major resistance level at $57,421.

A late pullback saw Bitcoin briefly fall back through the second major resistance level to sub-$57,000 levels.

Finding late support, however, Bitcoin wrapped up the day at $57,480 levels.

The near-term bullish trend remained intact, supported the latest return to $57,000 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 Monday.

Polkadot slid by 5.73% to lead the way down, with Chainlink falling by 1.74%.

Cardano’s ADA (-0.83%), also saw red on the day.

It was a bullish start to the week for the rest of the majors, however.

Ethereum rose by 3.74% to lead the way, with Binance Coin (+2.23%), Bitcoin Cash SV (+2.50%), and Litecoin (+2.53%) also finding strong support.

Crypto.com Coin (+1.21%) and Ripple’s XRP (+0.21%) trailed the front runners, however.

Early in the week, the crypto total market fell to a Monday low $2,272bn before rising to a Monday high $2,382bn. At the time of writing, the total market cap stood at $2,334bn.

Bitcoin’s dominance fell to a Monday low 44.83% before rising to a Monday high 46.18%. At the time of writing, Bitcoin’s dominance stood at 45.93%.

This Morning

At the time of writing, Bitcoin was down by 0.98% to $56,927.0. A bearish start to the day saw Bitcoin fall from an early morning high $57,470.0 to a low $56,888.0.

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

Elsewhere, it was a bearish start to the day.

At the time of writing, Crypto.com Coin was down by 1.90% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $56,580 pivot to bring the first major resistance level at $58,730 into play.

Support from the broader market would be needed for Bitcoin to break back through to $58,000 levels.

Barring a broad-based crypto rally, the first major resistance level would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at $60,000 levels before any pullback. The second major resistance level sits at $59,971.

A fall through the $56,580 would bring the first major support level at $55,339 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$55,000, The second major support level sits at $53,189.

This article was originally posted on FX Empire

Leave a Reply

Your email address will not be published. Required fields are marked *