The Crypto Daily – Movers and Shakers – November 6th, 2021
Bitcoin, BTC to USD, fell by 0.66% on Friday. Following a 2.35% decline on Thursday, Bitcoin ended the day at $61,005.0.
A mixed start to the day saw Bitcoin rise to a mid-morning intraday high $62,600.0 before hitting reverse.
Falling short of the first major resistance level at $62,755, Bitcoin slid to a mid-afternoon intraday low $60,735.0.
Steering clear of the first mayor support level at $60,388, however, Bitcoin revisited $61,300 levels before easing back.
The near-term bullish trend remained intact, supported the latest return to $66,000 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 mixed day on Friday.
Crypto.com Coin surged by 33.85% to lead the way, with Binance Coin (+8.66%) and Chainlink (+5.91%) also finding strong support.
Bitcoin Cash SV rose by a more modest 0.53% on the day.
It was a bearish day for the rest of the majors, however.
Polkadot and Ripple’s XRP led the way down, with losses of 3.14% and 3.50% respectively.
Cardano’s ADA (-0.06%), Ethereum (-1.27%), and Litecoin (-1.80%) also joined Bitcoin in the red.
In the current week, the crypto total market fell to a Monday low $2,527bn before rising to a Wednesday high $2,804bn. At the time of writing, the total market cap stood at $2,698bn.
Bitcoin’s dominance rose to a Monday high 44.39% before falling to a Friday low 42.53%. At the time of writing, Bitcoin’s dominance stood at 42.85%.
This Morning
At the time of writing, Bitcoin was up by 0.43% to $61,266.0. A mixed start to the day saw Bitcoin fall to an early morning low $60,844.0 before rising to a high $61,299.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin (-5.25%) and Bitcoin Cash SV (-0.78%) bucked the early trend.
It was a bullish start for the rest of the majors, however.
At the time of writing, Ripple’s XRP was up by 0.73% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $61,447 pivot to bring the first major resistance level at $62,158 into play.
Support from the broader market would be needed for Bitcoin to break back through to $62,000 levels.
Barring a broad-based crypto rally, the first major resistance level and Friday’s high $62,600.0 would likely cap the upside.
In the event of an extended rally, Bitcoin could test resistance at $65,000 levels before any pullback. The second major resistance level sits at $63,312.
Failure to move through the $61,447 pivot would bring the first major support level at $60,293 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$60,000 levels, however. The second major support level sits at $59,582.
This article was originally posted on FX Empire