The Crypto Daily – Movers and Shakers – November 7, 2021
Bitcoin, from BTC to USD, rose 0.82% on Saturday. Reversing a loss of 0.66% from Friday, Bitcoin ended the day at $ 61,495.0.
A mixed start to the day saw Bitcoin hit an intraday high of $ 61,583 by mid-morning before reversing.
Below the first major resistance level at $ 62,158, Bitcoin slipped to an intraday low of $ 60,100 by midday.
Bitcoin broke through the mayor’s first level of support at $ 60,293 before briefly revisiting the $ 61,500 levels late in the day.
The short-term uptrend remained intact, supported the latest return to levels of $ 66,000. For bears, Bitcoin would need a sustained decline through the 62% FIB from $ 27,237 to form a short-term downtrend.
The rest of the pack
In the rest of the majors, Saturday was a mixed day.
Crypto.com Coin fell 12.02% to lead the way on the downside. Bitcoin Cash SV and Chainlink also struggled, falling 2.93% and 2.45% respectively.
Ripple’s Litecoin (-0.65%), Polkadot (-0.37%) and XRP (-0.56%) posted relatively modest losses that day.
It was a bullish day for the rest of the majors, however.
Binance Coin rose 5.00% to the top.
Cardano’s ADA (+ 1.14%) and Ethereum (+ 0.98%) also joined Bitcoin in the green.
During the current week, the total crypto market has fallen to a Monday low of $ 2.527 billion before hitting a Wednesday high of $ 2.804 billion. At the time of writing, the total market cap was $ 2,709 billion.
Bitcoin’s dominance peaked at 44.39% on Monday before falling to a low of 42.39% on Saturday. At the time of writing this article, Bitcoin’s dominance stands at 42.83%.
At the time of writing, Bitcoin was down 0.05% to $ 61,462.0. A mixed start to the day saw Bitcoin peaking at $ 61,500.0 early in the morning before falling to $ 61,462.0.
Bitcoin left major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.Com Coin rose 5.35% to reverse the trend.
It was a bearish start for the rest of the majors, however.
At the time of writing, Binance Coin was down 0.73% to lead the way on the downside.
For Bitcoin Day Ahead
Bitcoin should avoid a fall in the pivot of $ 61,059 to bring into play the first major resistance level at $ 62,019.
Broad market support would be needed for Bitcoin to break out of Saturday’s $ 61,583.0 high.
Barring a large scale crypto rally, the first major resistance level would likely cap the upside.
In the event of a prolonged rally, Bitcoin could test resistance at $ 63,000 before any pullback. The second major resistance level is located at $ 62,542.
A fall through the $ 61,050 pivot would bring into play the first major support level at $ 60,536.
Unless there is an extended sale on that day, Bitcoin should avoid levels below $ 59,000, however. The second major support level at $ 59,576 should limit the decline.
This article originally appeared on FX Empire