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

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Bitcoin, from BTC to USD, fell 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 hit an early morning intraday high of $ 62,353.0 before reversing.

Well below the first major resistance level at $ 63,429, Bitcoin slipped to an intraday low of $ 60,755.0 in the early afternoon.

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

The short-term uptrend remained intact, supported the latest return to levels of $ 66,000. 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.

Ripple’s XRP reversed the trend, rising 0.34%.

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

Chainlink slipped 3.78% to lead the way.

The ADA of Cardano (-2.88%), Crypto.com Coin (-2.87%), Ethereum (-2.18%), Litecoin (-3.21%) and Polkadot (-2.66%) ) also experienced difficulties.

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

In the current week, the total crypto market peaked at $ 2,702 billion on Tuesday before falling to a low of $ 2,385 billion on Thursday. At the time of writing, the total market cap was $ 2.619 billion.

Bitcoin’s dominance fell to a low on Wednesday at 43.62% before hitting a high on Wednesday at 45.81%. At the time of writing this article, Bitcoin’s dominance stands at 44.77%.

This morning

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

Bitcoin left 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 from the start.

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

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

The story continues

For Bitcoin Day Ahead

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

Broad market support would be needed for Bitcoin to break out of Saturday’s $ 62,353.0 high.

Barring a large scale 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 levels of $ 65,000 before any pullbacks. The second major resistance level is at $ 63,261, the third major resistance level at $ 64,859.

A pullback on the pivot of $ 61,663 would bring into play the first major support level at $ 60,972.

Unless another extended sell off that day, however, Bitcoin should avoid levels below $ 60,000. The second major support level at $ 60,065 should limit the decline.

This article originally appeared on FX Empire

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