The Crypto Daily Movers and Shakers October 17, 2021

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Bitcoin, from BTC to USD, fell 1.33% on Saturday. Partially reversing a 7.55% rally from Friday, Bitcoin ended the day at $ 60,868.0.

A mixed start to the day saw Bitcoin hit an early morning intraday high of $ 62,333.0 before reversing.

Well below the first major resistance level at $ 64,093, Bitcoin fell to an intraday low of $ 60,171.0 late in the afternoon.

Away from the first major support level at $ 58,074, however, Bitcoin revisited the $ 61,000 levels before easing off.

The short-term uptrend remained intact, supported the latest return to levels of $ 62,000. For bears, Bitcoin would need a sustained decline through 62% FIB from $ 27,237 to form a short-term downtrend.

The rest of the pack

In the rest of the majors, Saturday was a mixed day.

Chainlink and Crypto.com Coin rose 0.93% and 3.48% respectively to reverse the trend for the day.

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

Polkadot fell 2.27% to lead the way on the downside.

Binance Coin (-1.82%), Cardanos ADA (-1.73%) and Litecoin (-1.88%) also struggled.

Bitcoin Cash SV (-0.17%), Ethereum (-1.04%) and Ripples XRP (-0.80%) however recorded relatively modest losses on the day.

During the current week, the total crypto market fell to a low of $ 2.210 billion on Tuesday before hitting a high on Friday of $ 2.606 billion. At the time of writing, the total market cap was $ 2.469 billion.

Bitcoin dominance fell to a Thursday low of 44.43% before rising to a Saturday high of 46.64%. At the time of writing this article, Bitcoin dominance stands at 46.42%.

This morning

At the time of writing, Bitcoin was down 0.04% to $ 60,846.0. A mixed start to the day saw Bitcoin hit an early morning high of $ 60,920.0 before falling to $ 60,651.0.

Bitcoin left major support and resistance levels untested early on.

Elsewhere, it was a bearish start to the day.

At the time of writing this article, Crypto.com Coin was down 1.20% to lead the way on the downside.

For Bitcoin Day Ahead

Bitcoin is expected to break through the $ 61,124 pivot to bring into play the first major resistance level at $ 62,077.

The story continues

Broad market support would be needed for Bitcoin to break out of the $ 61,500 levels.

Barring a full scale crypto rally, the first major resistance level and Saturday’s $ 62,333.0 high would likely cap the upside.

In the event of another breakout, Bitcoin could test resistance at levels of $ 65,000 before any pullbacks. The second major resistance level is located at $ 63,286.

However, Bitcoin would need a lot of support to exit April 14, 2021 at $ 64,829.0

Failure to break through the $ 61,124 would bring into play the first major support level at $ 59,915.

Unless there is an extended sale on that day, Bitcoin is expected to avoid levels below $ 59,000. The second major support level is at $ 58,962.

This article originally appeared on FX Empire

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