The Crypto Daily – Movers and Shakers – October 1st, 2021
Bitcoin, BTC to USD, rallied by 5.52% on Thursday. Following a 1.18% gain on Wednesday, Bitcoin ended the month down by 7.06% to $43,830.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $41,432.0 before making a move.
While steering clear of the first major support level at $40,687, Bitcoin fell through the 38.2% FIB of $41,592.
Finding early support, however, Bitcoin rallied to a late afternoon intraday high $44,122.0.
The rally saw Bitcoin break through the first major resistance level at $42,489 and the second major resistance level at $43,449.
Bitcoin also broke back through the 38.2% FIB of $41,592 to end the day at $43,800 levels.
The near-term bullish trend remained intact, in spite of the latest return to sub-$40,000 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 Thursday.
Polkadot slipped by 0.56% to buck the trend.
It was a bullish day for the rest of the majors, however.
Binance Coin (+5.39%). Chainlink (+4.84%), Ethereum (+5.29%), and Litecoin (+5.90%) led the way.
Bitcoin Cash SV (+2.02%), Cardano’s ADA (+2.43%), Crypto.com Coin (+3.58%), and Ripple’s XRP (+2.97%) trailed the front runners, however.
In the current week, the crypto total market rose to a Monday high $2,014bn before sliding to a Wednesday low $1,808bn. At the time of writing, the total market cap stood at $1,954bn.
Bitcoin’s dominance rose to a Tuesday high 42.56% before falling to a Thursday low 41.42%. At the time of writing, Bitcoin’s dominance stood at 42.38%.
It was also a mixed month for the majors in September.
Crypto.com Coin bucked the trend, rising by 0.52%.
It was a bearish month for the rest of the pack, however.
Bitcoin Cash SV (-20.69%), Cardano’s ADA (-23.62%), and Ripple’s XRP (-19.64%) led the way down.
Chainlink (-10.32%), Binance Coin (-16.53%), Ethereum (-12.53%), and Litecoin (-10.65%) also struggled.
Polkadot saw a modest 1.88% loss, however.
This Morning
At the time of writing, Bitcoin was up by 0.35% to $43,985.0. A bullish start to the day saw Bitcoin rise from an early morning low $43,822.2 to a high $43,999.0.
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, Crypto.com was up by 2.57% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $43,128 pivot to bring the first major resistance level at $44,824 into play.
Support from the broader market would be needed for Bitcoin to break out from Thursday’s high $44,122.0.
Barring a broad-based crypto rally, the first major resistance level and resistance $45,000 would likely cap the upside.
In the event of a broad-based crypto rally, Bitcoin could test resistance at $47,000 levels before any pullback. The second major resistance level sits at $45,818.
A fall through the $43,128 would bring the first major support level at $42,134 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $40,438. The 38.2% FIB of $41,592 should limit the downside.
This article was originally posted on FX Empire
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