Advertisement
Advertisement

The Crypto Daily – Movers and Shakers – October 28th, 2021

By:
Bob Mason
Updated: Oct 28, 2021, 01:04 UTC

Following Wednesday's broad-based crypto sell-off, a Bitcoin move back through to $60,000 levels would settle the markets.

Bitcoin coin on white keyboard

In this article:

Bitcoin, BTC to USD, fell by 3.05% on Wednesday. Following a 4.46% slide on Tuesday, Bitcoin ended the day at $58,449.3.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $61,450.0 before hitting reverse.

Falling short of the first major resistance level at $62,482, Bitcoin slid to a late morning intraday low $57,950.0.

Bitcoin fell through the first major support level at $58,925 before finding support.

Late in the day, Bitcoin briefly broke back through the first major support level to revisit $59,000 levels before ending the day at sub-$58,500 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 bearish day on Wednesday.

Chainlink led the way down, tumbling by 11.06%.

Bitcoin Cash SV (-10.72%), Cardano’s ADA (-10.52%),  Crypto.com Coin (-9.50%), Litecoin (-9.22), and Ripple’s XRP (-10.03%) also saw particularly heavy losses.

Binance Coin (-6.09%), Ethereum (-5.04%), and Polkadot (-7.06%) saw relatively modest losses.

In the current week, the crypto total market rose to a Tuesday high $2,702bn before falling to a Wednesday low $2,393bn. At the time of writing, the total market cap stood at $2,469bn.

Bitcoin’s dominance fell to a Wednesday low 44.07% before rising to a Wednesday high 45.45%. At the time of writing, Bitcoin’s dominance stood at 44.90%.

This Morning

At the time of writing, Bitcoin was up by 0.63% to $58,819.0. A mixed start to the day saw Bitcoin fall to an early morning low $58,392.0 before rising to a high $58,859.0.

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

Elsewhere, it was a bullish start to the day.

At the time of writing, Litecoin was up by 1.94% to lead the way.

BTCUSD 281021 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $59,283 pivot to bring the first major resistance level at $60,616 into play.

Support from the broader market would be needed for Bitcoin to break back through to $60,000 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 $63,000 levels. The second major resistance level sits at $62,783.

Failure to move through the $59,283 would bring the first major support level at $57,116 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$55,000 levels, however. The second major support level at $55,783 should limit the downside.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

Did you find this article useful?

Advertisement