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The Crypto Daily – Movers and Shakers – October 7th, 2021

Bitcoin, BTC to USD, rallied by 7.45% on Wednesday. Following a 4.58% gain on Tuesday, Bitcoin ended the day at $55,335.0.

A mixed start to the day saw Bitcoin fall to a late morning intraday low $50,438.0 before making a move.

While steering clear of the first major support level at $49,741, Bitcoin fell through the 23.6% FIB of $50,473.

Finding late morning support, however, Bitcoin rallied to a late intraday high $55,743.0.

Bitcoin broke through the first major resistance level at $52,298 and the second major resistance level at $53,689.

The breakout also saw Bitcoin break back through the 23.6% FIB of $50,473 to end the day at $55,000 levels.

The near-term bullish trend remained intact, supported the latest return to $55,000 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 Wednesday.

Polkadot slid by 4.57% to lead the way down.

Binance Coin (-1.70%), Cardano’s ADA (-1.07%), Chainlink (-1.47%), and Ripple’s XRP (-0.38%) also saw red on the day.

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

Crypto.com Coin rallied by 5.46% to lead the way.

Bitcoin Cash SV (+1.33%), Ethereum (+1.64%), and Litecoin (+2.70%) also found support.

In the current week, the crypto total market fell to a Monday low $2,082bn before rising to a Wednesday high $2,402bn. At the time of writing, the total market cap stood at $2,293bn.

Bitcoin’s dominance fell to a Monday low 42.06% before rising to a Wednesday high 45.08%. At the time of writing, Bitcoin’s dominance stood at 45.09%.

This Morning

At the time of writing, Bitcoin was down by 0.84% to $54,868.0. A mixed start to the day saw Bitcoin rise to an early morning high $55,349.0 before falling to a low $54,814.0.

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, Bitcoin Cash SV was down by 1.82% to lead the way down.

BTCUSD 071021 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $53,839 pivot to bring the first major resistance level at $57,239 into play.

Support from the broader market would be needed for Bitcoin to break out from $56,500 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 $59,144.

A fall through the $53,839 would bring the first major support level at $51,934 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$50,000 and the second major support level at $48,534. The 23.6% FIB of $50,473 should limit the downside.