Daily Crypto Forecast – The Top Crypto Movements Today – October 6, 2021

Bitcoin, BTC to USD, rose 4.58% on Tuesday. After gaining 2.10% on Monday, Bitcoin ended the day at $51,508.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $49,065.0 before making a move.

Looking to bypass the first major support level at $47,598, Bitcoin rallied to a late intraday high $51,922.0.

Bitcoin broke the first major resistance level at $50,204 and the second major resistance level at $51,167.

The breakout also saw Bitcoin break through the 23.6% FIB of $50,473 and end the day at $51,500.

The short-term uptrend remained intact and supported the recent return to the $51,000 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 Tuesday.

Polkadot slipped 3.60% to buck the day's trend.

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

Binance Coin (+3.73%), Ethereum (+3.79%), Litecoin (+3.71%) and Ripple’s XRP (+3.95%) led the way.

However, Bitcoin Cash SV (+2.76%), Cardano's ADA (+1.91%), Chainlink (+2.43%) and Crypto.com Coin, (+1.77%) followed the leaders.

Earlier in the week, the overall crypto market fell to a Monday low of $2,082 billion before rising to a high of $2,293 billion on Tuesday. At the time of writing, the total market capitalization stood at $2,235 billion.

Bitcoin dominance fell to a Monday low of 42.06% before rising to a Tuesday high of 43.50%. At the time of writing, Bitcoin dominance stood at 43.32%.

This morning

At the time of writing, Bitcoin is down 0.17% at $51,423.0. After a mixed start to the day, Bitcoin rose to an early morning high $51,520.0 before falling to a low $51,235.0.

Bitcoin left key support and resistance levels untested early on.

Elsewhere it was a mixed start to the day.

Cardano's ADA (-0.09%), Polkadot (-0.11%) and Ripple's XRP (-0.21%) joined Bitcoin in the red early.

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

At the time of writing, Crypto.com Coin was up 1.11% to take the lead.

For the upcoming Bitcoin day

Bitcoin would need to avoid the $50,832 pivot to bring the first major resistance level at $52,598 into play.

For Bitcoin to break back to $52,000 levels, support from the broader market would be needed.

Barring a broad-based crypto rally, the first major resistance level would likely limit the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at the $55,000 level before a pullback occurs. The second major resistance line is at $53,689.

A break below $50,832 would bring the 23.6% FIB of $50,473 and the first major support level at $49,741 into play.

Barring an extended sell-off on the day, Bitcoin should stay away from below $49,000. The second major support level is at $47,975.