Daily Crypto Forecast – The Top Crypto Movements Today – October 8, 2021

Bitcoin, BTC to USD, fell 2.78% on Thursday. Bitcoin partially reversed a 7.45% rally from Wednesday to end the day at $53,797.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $55,349.0 before hitting reverse gear.

Bitcoin was well below the first major resistance level at $57,239 and slid to an intraday low of $53,429.0 in the early afternoon.

However, to bypass the first major support level at $51,934, Bitcoin revisited the $54,600 level before ending the day at sub-$54,000 levels.

The short-term uptrend remained intact and supported the recent return to the $55,000 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 Thursday.

Crypto.com Coin and Ripple's XRP fell 0.66% and 0.78%, respectively, joining Bitcoin in the red.

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

Bitcoin Cash SV jumped 19.38% to the top, with Polkadot (+8.54%) and Cardano's ADA (+3.11%) also finding strong support.

However, Binance Coin (+0.83%), Chainlink (+0.07%), Ethereum (+0.34%) and Litecoin (+0.06%) lagged behind the leaders.

In the current week, the overall crypto market fell to a Monday low of $2,082 billion before rising to a Wednesday high of $2,404 billion. At the time of writing, the total market capitalization stood at $2,315 billion.

Bitcoin dominance fell to a Monday low of 42.06% before rising to a Wednesday high of 45.04%. At the time of writing, Bitcoin dominance stood at 43.88%.

This morning

At the time of writing, Bitcoin was up 0.28% at $53,949.0. A mixed start to the day saw Bitcoin fall to an early morning low $53,754.0 before rising to a high $53,987.0.

Bitcoin left key support and resistance levels untested early on.

Elsewhere it was a mixed start to the day.

Bitcoin Cash SV (-0.65%), Crypto.com Coin (-0.10%) and Polkadot (-0.02%) bucked the early trend.

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

At the time of writing, Litecoin was up 0.71% to take the lead.

For the upcoming Bitcoin day

Bitcoin would need to move through the $54,192 pivot to bring the first major resistance level at $54,954 into play.

For Bitcoin to break out of the $54,500 level, support from the broader market would be needed.

Barring a broad-based crypto rally, the first major resistance level and Thursday's high $55,349.0 would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at $57,000 before a pullback occurs. The second major resistance level is at $56,112.

Failure to break $54,192 would bring the first major support level at $53,034 into play.

Barring an extended sell-off on the day, Bitcoin should stay away from below $52,000. The second major support level at $52,272 should cap the downside.