Daily Crypto Forecast – The Top Crypto Movements Today – October 10, 2021

Bitcoin, BTC to USD, rose 1.89% on Saturday. After gaining 0.28% on Friday, Bitcoin ended the day at $54,968.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $53,678.0 before making a move.

Looking to bypass the first major support level at $53,051, Bitcoin rose to an early afternoon intraday high $55,475.0.

Bitcoin broke the first major resistance level at $55,422 before falling back below $54,500.

However, finding late support, Bitcoin tested resistance at $55,000 before declining again.

The short-term uptrend remained intact and supported the recent return to the $56,000 level. For the bears, Bitcoin would need a sustained decline through the 62% FIB of $27,237 to form a short-term downtrend.

The rest of the package

It was a mixed day at the other majors on Saturday.

Crypto.com Coin bucked the trend and fell by 0.45%.

However, it was a bullish day for the rest of the majors.

Ripple’s XRP jumped 9.03% to take the lead, with Polkadot (+6.96%) close behind.

Bitcoin Cash SV (+2.16%), Chainlink (+3.98%) and Litecoin (+2.29%) also found strong support.

However, Binance Coin (+0.65%), Cardano's ADA (+1.43%), Ethereum (+0.33%) followed the leaders.

In the current week, the overall crypto market fell to a Monday low of $2,009 billion before rising to a Friday high of $2,425 billion. At the time of writing, the total market capitalization stood at $2,351 billion.

Bitcoin dominance fell to a Tuesday low of 42.52% before rising to a Wednesday high of 45.62%. At the time of writing, Bitcoin dominance stood at 43.98%.

This morning

At the time of writing, Bitcoin is down 0.11% to $54,907.0. After a mixed start to the day, Bitcoin rose to an early morning high $54,984.0 before falling to a low $54,871.0.

Bitcoin left key support and resistance levels untested early on.

Elsewhere, it was a bearish start to the day.

At the time of writing, Litecoin was down 0.74% to lead the way lower.

For the upcoming Bitcoin day

Bitcoin would need to avoid the $54,707 pivot to bring the first major resistance level at $55,736 into play.

Support from the broader market would be needed for Bitcoin to break out of Saturday's high of $55,475.0.

Barring a broad-based crypto rally, the first major resistance level and resistance at $56,00.0 would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at the $58,000 level before a pullback occurs. The second major resistance line is at $56,504.

A break below $54,707 would bring the first major support level at $53,939 into play.

Barring an extended sell-off on the day, Bitcoin should stay away from below $52,000. The second major support level at $52,910 should cap the downside.