The Crypto Daily – Movers and Shakers – September 25th, 2020
Bitcoin, BTC to USD, rallied by 4.75% on Thursday. Reversing a 2.72% fall from Wednesday, Bitcoin ended the day at $10,754.
It was a mixed start to the day. Bitcoin fell to an early morning intraday low $10,222.0 before making a move.
Steering clear of the first major support level at $10,092, Bitcoin rallied to a late intraday high $10,842.0.
Bitcoin broke through the first major resistance level at $10,495 and the second major resistance level at $10,726.
In spite of a bearish end to the day, Bitcoin avoided a fall back through the second major resistance level.
The near-term bullish trend remained intact, in spite of the latest pullback. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a bullish day on Thursday.
Chainlink led the way, surging by 29.25%.
Binance Coin (+7.75%), Cardano’s ADA (+7.98%), and Ethereum (+8.89%) also saw solid gains.
Bitcoin Cash ABC (+4.10%), Bitcoin Cash SV (+4.08%), Crypto.com Coin (+0.07%), Litecoin (+4.66%), Polkadot (+4.16%), and Ripple’s XRP (+5.23%) saw relatively modest gains on the day.
In the current week, the crypto total market rose to a Monday high $334.04bn before sliding to a Wednesday low $300.97bn. At the time of writing, the total market cap stood at $320.94bn.
Bitcoin’s dominance fell to a Monday low 60.89% before rising to a Wednesday high 62.31%. At the time of writing, Bitcoin’s dominance stood at 61.68%.
This Morning
At the time of writing, Bitcoin was down by 0.21% to $10,731.0. A mixed start to the day saw Bitcoin rise to an early morning high $10,774.0 before falling to a low $10,708.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (+0.40%), Cardano’s ADA (+3.12%), Crypto.com Coin (+2.05%), and Chainlink (+0.38%) bucked the trend early on.
It was a bearish start for the rest of the majors, however.
At the time of writing, Bitcoin Cash SV was down by 1.50% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the $10,606 pivot level to support a run at the first major resistance level at $10,990.
Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $10,842.0.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a crypto breakout, Bitcoin could test resistance at $11,200 before any pullback. The second major resistance level at $11,226 would likely cap any upside, however.
Failure to avoid a fall through the $10,606 pivot would bring the first major support level at $10,370 into play.
Barring another extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,500 levels. The second major support level sits at $9,986.
This article was originally posted on FX Empire
