The Crypto Daily – Movers and Shakers – October 31st, 2021

Bitcoin, BTC to USD, fell by 0.62% on Saturday. Partially reversing a 2.77% gain from Friday, Bitcoin ended the day at $61,880.0.

A mixed start saw Bitcoin rise to an early morning intraday high $62,353.0 before hitting reverse.

Falling well short of the first major resistance level at $63,429, Bitcoin slid to an early afternoon intraday low $60,755.0.

Coming within range of the first major support level at $60,637, Bitcoin revisited $61,900 levels before easing back.

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 Saturday.

Ripple’s XRP bucked the trend, rising by 0.34%.

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

Chainlink slid by 3.78% to lead the way.

Cardano’s ADA (-2.88%), Coin (-2.87%), Ethereum (-2.18%), Litecoin (-3.21%), and Polkadot (-2.66%) also struggled.

Binance Coin (-0.32%) and Bitcoin Cash SV (-1.30%) saw relatively modest losses, however.

In the current week, the crypto total market rose to a Tuesday high $2,702bn before falling to a Thursday low $2,385bn. At the time of writing, the total market cap stood at $2,619bn.

Bitcoin’s dominance fell to a Wednesday low 43.62% before rising to a Wednesday high 45.81%. At the time of writing, Bitcoin’s dominance stood at 44.77%.

This Morning

At the time of writing, Bitcoin was up by 0.49% to $62,186.0. A bullish start to the day saw Bitcoin rise from an early morning low $61,879.0 to a high $62,186.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (-0.77%), Cardano’s ADA (-0.15%), and Polkadot (-0.26%) saw red early on.

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

At the time of writing, Coin was up by 0.80% to lead the way.


For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $61,663 pivot to bring the first major resistance level at $62,570 into play.

Support from the broader market would be needed for Bitcoin to break out from Saturday’s high $62,353.0.

Barring a broad-based crypto rally, the first major resistance level and resistance at $62,500 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 $63,261, with the third major resistance level at $64,859.

A fall back through the $61,663 pivot would bring the first major support level at $60,972 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$60,000 levels, however. The second major support level at $60,065 should limit the downside.

This article was originally posted on FX Empire


Source: The Crypto Daily – Movers and Shakers – October 31st, 2021

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