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The Crypto Daily – Movers and Shakers – October 23rd, 2021

Bitcoin, BTC to USD, fell by 2.40% on Friday. Following a 5.76% slide on Thursday, Bitcoin ended the day at $60,706.0.

A bullish start to the day saw Bitcoin rise to a late morning intraday high $63,729.0 before hitting reverse.

Falling short of the first major resistance level at $65,290, Bitcoin slid to a late afternoon intraday low $60,013.0.

Bitcoin fell through the first major support level at $60,502 before briefly revisiting $61,000 levels.

A bearish end to the day, however, saw Bitcoin fall back to end the day at sub-$61,000 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 mixed day on Friday. Coin (-0.48%), Ethereum (-2.03%), Litecoin (-2.97%), and Ripple’s XRP (-0.03%) joined Bitcoin in the red.

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

Polkadot lead the way, rallying by 4.09%, with Binance Coin (+1.75%) and Chainlink (+1.41%) also finding relatively strong support.

Bitcoin Cash SV (+0.32%) and Cardano’s ADA (+0.89%) trailed the front runners, 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 $2,525bn.

Bitcoin’s dominance rose to a Wednesday high 47.72% before falling to a Friday low 45.15%. At the time of writing, Bitcoin’s dominance stood at 45.25%.

This Morning

At the time of writing, Bitcoin was down by 60,610.8. A mixed start saw Bitcoin rise to an early morning high $60,769.0 before falling to a low $60,579.0.

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, Chainlink was down by 0.32% to lead the way down.

BTCUSD 231021 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $61,483 pivot to bring the first major resistance level at $62,952 into play.

Support from the broader market would be needed for Bitcoin to break out from $62,500 levels.

Barring a broad-based crypto rally, the first major resistance level and Friday’s high $63,729.0 would likely cap the upside.

In the event of another breakout, Bitcoin could test resistance at $65,000 levels before any pullback. The second major resistance level sits at $65,199.

Failure to move through the $61,483 would bring the first major support level at $59,236 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$58,000 levels, however. The second major support level sits at $57,767.