Cryptomania

The Crypto Daily – Movers and Shakers – October 5th, 2021

Bitcoin, BTC to USD, rose by 2.10% on Monday. Following a 1.24% gain on Sunday, Bitcoin ended the day at $49,252.0.

After a mixed start to the day, Bitcoin fell to a mid-afternoon intraday low $46,897.0 before making a move.

Bitcoin fell through the first major support level at $47,176 before rallying to a late afternoon intraday high $49,503.0.

The rally saw Bitcoin break through the first major resistance level at $49,252 before a pullback to sub-$49,000 levels.

Finding late support, Bitcoin broke back through to $49,000 levels. The first major resistance level pegged Bitcoin back at the day end, however.

The near-term bullish trend remained intact, supported the latest return to $49,000 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.

Bitcoin Cash SV bucked the trend, rising by 0.09% to join Bitcoin in the green.

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

Polkadot slid by 4.99% to lead the way down, with Cardano’s ADA (-2.70%), Chainlink (-3.56%), Crypto.com Coin, (-2.50%), and Litecoin (-1.79%) also struggling.

Binance Coin (-0.98%), Ethereum (-0.95%), and Ripple’s XRP (-1.20%) saw relatively modest losses, however.

Early in the week, the crypto total market fell to a Monday low $2,082bn before rising to a Monday high $2,181bn. At the time of writing, the total market cap stood at $2,170bn.

Bitcoin’s dominance fell to a Monday low 42.06% before rising to a Monday high 42.88%. At the time of writing, Bitcoin’s dominance stood at 42.86%.

This Morning

At the time of writing, Bitcoin was up by 0.31% to $49,405.0. A mixed start to the day saw Bitcoin fall to an early morning low $49,065.0 before rising to a high $49,486.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV and Polkadot bucked the early trend, with losses of 0.42% and 0.52% respectively.

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

At the time of writing, Crypto.com Coin was up by 2.34% to lead the way.

BTCUSD 051021 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $48,551 pivot to bring the first major resistance level at $50,204 and the 23.6% FIB of $50,473 into play.

Support from the broader market would be needed for Bitcoin to break back through to $50,000 levels.

Barring a broad-based crypto rally, the 23.6% FIB of $50,473 would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at $54,000 levels before any pullback. The second major resistance level sits at $53,763.

A fall through the $48,551 would bring the first major support level at $47,598 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$46,500. The second major support level sits at $45,945.