Daily Markets Update - October 12, 2020- BTC Holds $11K+

BTC to USD, rose by 0.68% on Sunday. Following on from a 2.14% rally on Saturday, Bitcoin ended the week up by 6.53% to $11,385.0.

It was a bullish start to the day. Bitcoin rose to a mid-afternoon intraday high $11,451.0 before easing back.

Falling short of the first major resistance level at $11,518, Bitcoin fell to a late intraday low $11,279.5. Steering well clear of the first major support level at $11,084, Bitcoin briefly moved back through to $11,400 levels before easing back. The late recovery delivered the upside on the day. The near-term bullish trend remained intact, supported by the latest move back through to $11,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.

Digital assets market:

  • Digital asset market cap at $352B to start this week; moving up for the past five consecutive days since dropping to $321B monthly lows. As a whole, markets look to be waiting for the next big news to steer the direction of the ship.

  • As a form on confirmation; Google search results relating to DeFi has dropped since September 

  • $BTC trading broke $11K over the weekend and has since been range bound throughout (between $11,300 and $11,400) after moving up 8% since Oct 1st.  Looking to target next resistance at $11,500 throughout the week on increased volumes

  • $ETH following $BTC, moving up for the past four consecutive days (from 340 to 375 levels), currently range bound at $370 to $376, trading at neutral RSI levels.

Alts and DeFi watch:

  • $ATOM saw an uptick of 10% over the past 24 hours to 6 levels

  • $LINK got back above 10 after dropping down to $8.33 levels during its most recent sell-off.

  • $YFI volatility has increased since founder, Andre Cronje, stepped away from development after receiving unfair criticism surrounding his Eminence project. It's trading at $16,300 levels within a 2,600 trading range (between $15,100 and $17,750).

Crypto.com Coin (-0.51%) and Polkadot (-0.80%) bucked the trend on the day.

It was a bullish day for the rest of the majors, with Chainlink and Litecoin rallying by 3.33% and by 3.32% to lead the way.

Binance Coin (+0.46%), Bitcoin Cash ABC (+0.48%), Bitcoin Cash SV (+0.26%), Cardano’s ADA (+1.61%), Ethereum (0.98%), and Ripple’s XRP (+0.54%) also joined Bitcoin in the green.

For the week, it was also a mixed bag for the majors.

Binance Coin (-1.52%) and Polkadot (-4.49%) saw red for the week.

It was a bullish week for the rest of the pack, however.

Cardano’s ADA (+10.15%) and Chainlink (+15.7%) led the way, with Bitcoin Cash ABC (+7.47%) and Litecoin (+8.07%) also seeing solid gains.

Bitcoin Cash SV (+6.21%), Crypto.com Coin (+5.09%), Ethereum (+6.23%), and Ripple’s XRP (+3.07%), trailed the front runners.

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