Daily Crypto Forecast – The Top Crypto Movements Today – October 5, 2021

Bitcoin, BTC to USD, rose 2.10% on Monday. After gaining 1.24% on Sunday, Bitcoin ended the day at $49,252.0.

After a mixed start to the day, Bitcoin fell to an intraday low of $46,897.0 in the afternoon before making a move.

Bitcoin fell through the first major support level at $47,176 before rising to an intraday high $49,503.0 in the late afternoon.

The rally saw Bitcoin break through the first major resistance level at $49,252 before declining below $49,000.

Bitcoin found late support and broke back to $49,000 levels. However, the first major resistance level pulled Bitcoin back at the end of the day.

The short-term uptrend remained intact and supported the recent return to the $49,000 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

In all other majors it was a mixed day on Monday.

Bitcoin Cash SV bucked the trend and rose 0.09% to join Bitcoin in the green.

However, it was a bearish day for the other majors.

Polkadot slipped 4.99% to lead the way lower, with Cardano's ADA (-2.70%). Chainlink (-3.56%), Crypto.com Coin, (-2.50%) and Litecoin (-1.79%) are also struggling.

However, Binance Coin (-0.98%), Ethereum (-0.95%), and Ripple’s XRP (-1.20%) posted relatively modest losses.

Earlier in the week, the overall crypto market fell to a Monday low of $2,082 billion before rising to a Monday high of $2,181 billion. At the time of writing, the total market capitalization stood at $2,170 billion.

Bitcoin dominance fell to a Monday low of 42.06% before rising to a Monday high of 42.88%. At the time of writing, Bitcoin dominance stood at 42.86%.

This morning

At the time of writing, Bitcoin was up 0.31% at $49,405.0. A mixed start to the day saw Bitcoin fall to an early morning low $49,065.0 before rising to a high $49,486.0.

Bitcoin left key support and resistance levels untested early on.

Elsewhere it was a mixed start to the day.

Bitcoin Cash SV and Polkadot bucked the early trend with losses of 0.42% and 0.52%, respectively.

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

At the time of writing, Crypto.com Coin was up 2.34% to take the lead.

For the upcoming Bitcoin day

Bitcoin would need to avoid the $48,551 pivot to bring the first major resistance level at $50,204 and the 23.6% FIB of $50,473 into play.

For Bitcoin to break back to $50,000 levels, support from the broader market would be needed.

Without a broad-based crypto rally, the 23.6% FIB of $50,473 would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at the $54,000 level before a pullback occurs. The second major resistance line is at $53,763.

A break below $48,551 would bring the first major support level at $47,598 into play.

Barring an extended sell-off on the day, Bitcoin should stay away from below $46,500. The second major support level is at $45,945.