The Crypto Daily – Movers and Shakers – October 27th, 2021

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Bitcoin, BTC to USD, slid by 4.46% on Tuesday. Reversing a 3.73% rally from Monday, Bitcoin ended the day at $60,288.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $63,332.60 before hitting reverse.

Falling short of the first major resistance level at $64,300, Bitcoin slid to a late intraday low $59,766.0.

Bitcoin fell through the first major support level at $61,266.

Steering clear of the second major support level at $59,432, however, Bitcoin found support to end the day at $60,200 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 Tuesday.

Polkadot rallied by 5.49% to lead the way, with  Chainlink  (+0.22%), Crypto.com Coin (+2.51%), Litecoin (+1.04) and Ripple’s XRP (+1.06%) also avoiding the red.

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

Ethereum slid by 2.12% to lead the way down.

Binance Coin (-1.44%), Bitcoin Cash SV (-0.47%), and Cardano’s ADA (-0.35%) also struggled.

Early in the week, the crypto total market rose to a Tuesday high $2,701bn before falling to a Tuesday low $2,512bn. At the time of writing, the total market cap stood at $2,581bn.

Bitcoin’s dominance rose to a Monday high 45.36% before falling to a Tuesday low $44.19. At the time of writing, Bitcoin’s dominance stood at 44.36%.

This Morning

At the time of writing, Bitcoin was up by 0.64% to $60,671.0. A mixed start to the day saw Bitcoin fall to an early morning low $60,113.0 before rising to a high $60,671.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin (-1.17%) and Polkadot (-0.70%) saw red early on to buck the broader trend.

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

At the time of writing, Litecoin was up by 0.49% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $61,129 pivot to bring the first major resistance level at $62,492 into play.

Support from the broader market would be needed for Bitcoin to break back through to $62,000 levels.

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

In the event of another breakout, Bitcoin could test resistance at $65,000 levels. The second major resistance level sits at $64,696.

Failure to move through the $61,129 would bring the first major support level at $58,925 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$57,000 levels, however. The second major support level at $57,562 should limit the downside.

Source: https://www.fxempire.com

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