The Crypto Daily – Movers and Shakers – September 29th, 2021

Bitcoin, BTC to USD, fell by 2.65% on Tuesday. Following a 2.33% loss on Monday, Bitcoin ended the day at $41,064.0.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $42,77.0 before hitting reverse.

Falling short of the first major resistance level at $43,646, Bitcoin slid to a late intraday low $40,928.0.

Bitcoin fell through the 38.2% FIB of $41,592 and the first major support level at $41,425 to end the day at sub-$41,100 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 bearish day on Tuesday.

Crypto.com Coin slid by 6.28% to lead the way down.

Chainlink (-4.25%), Cardano’s ADA (-4.43%), Ethereum (-4.12%), Litecoin (-3.12%), and Ripple’s XRP (-3.07%) also struggled.

Binance Coin (-0.73%), Bitcoin Cash SV (-1.78%), Polkadot (-2.48%) and saw relatively modest losses, however.

Early in the week, the crypto total market rose to a Monday high $2,014bn before sliding to a Tuesday low $1,809bn. At the time of writing, the total market cap stood at $1,829bn.

Bitcoin’s dominance fell to a Monday low 41.46% before rising to a Tuesday high 42.56%. At the time of writing, Bitcoin’s dominance stood at 42.24%.

This Morning

At the time of writing, Bitcoin was down by 0.11% to $41,017.5. A mixed start to the day saw Bitcoin fall to an early morning low $40,991.0 before rising to a high $41,208.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (-0.85%), Cardano’s ADA (-0.12%), and Crypto.com Coin (-1.25%) joined Bitcoin in the red early on.

It was a relatively bullish start for the rest of the majors, however.

At the time of writing, Chainlink was up by 0.65% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $41,590 pivot and the 38.2% FIB of $41,592 to bring the first major resistance level at $42,251 into play.

Support from the broader market would be needed for Bitcoin to break back through to $42,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $42,777.0 would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at $44,000 levels before any pullback. The second major resistance level sits at $43,439.

Failure to move through the $41,590 pivot and the 38.2% FIB of $41,592 would bring the first major support level at $40,402 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$39,000. The second major support level at $39,741 should limit the downside.

This article was originally posted on FX Empire

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