On Friday, October 08, Bitcoin began a downward correction to $53K following its sharp increase to the $55K price level yesterday. Meanwhile, most altcoins were up.
The world’s largest cryptocurrency by market cap plummeted 2.00% to $53,823.33 with a 24-hour change of $1,099.67.
Currently, Bitcoin has a market capitalization of $1.01 trillion. It has a 24-hour volume of $1.36 billion with a $53,436.86 low and a $55,221.82 high.
In early trading, the price settled in a positive area beyond the resistance of $52,000.00.
It even cleared the resistance level of $55,000.00 and remained over the 100 hourly simple moving average.
However, Bitcoin failed to proceed higher above the $55,700.00 price level. A high was established at just about $55,770.00 before a downside correction happened.
Then, BTC was corrected lower beneath the support level of $55,200.00.
It even traded below the 23.60% Fibonacci retracement level of the upward motion to $55,777.00 high from $50,365.00 low.
Also, there was a break under a key bullish trend zone with a foundation close to $53,100.00 based on the BTC/USD pair hourly chart. The swift support on the downside is near $53,500.00.
On the positive side, Bitcoin’s initial resistance is just about the $54,500.00 level.
Further, its first major resistance is nearby $55,000.00 where the price could rise higher. Then, its next major resistance sits close to the level of $55,500.00.
After that, any more gains could ignite the pace for an upper movement towards the price level of $58,000.00.
Crypto Mostly Up as Bitcoin Dropped
Meanwhile, Ethereum gained 1.39% to $3,568.73 with a market capitalization of $420.14 billion and a 24-hour volume of $18.15 billion.
Likewise, Cardano increased 4.50% to $2.27 with a market capitalization of $72.46 billion and a 24-hour volume of $3.10 billion.
Consequently, Bitcoin SV surged 17.66% to $176.43 with a market capitalization of $3.33 billion and a 24-hour volume of $838.80 million.
Also, Dogecoin jumped 1.15% to $0.24 with a market capitalization of $31.81 billion and a 24-hour volume of $2.36 billion.
Conversely, SHIBA INU crashed 32.19% to $0.000022 with a market capitalization of $8.64 billion and a 24-hour volume of $16.28 billion.
The same with PancakeSwap which tumbled 0.87% to $19.40. It has a market capitalization of $4.44 billion and a 24-hour volume of $412.40 million.