The Crypto Daily – Movers and Shakers – November 6, 2021

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Bitcoin, BTC to USD, fell 0.66% on Friday. After falling 2.35% on Thursday, Bitcoin ended the day at $ 61,005.0.

A mixed start to the day saw Bitcoin hit an intraday high of $ 62,600.0 by mid-morning before reversing.

Below the first major resistance level at $ 62,755, Bitcoin slipped to an intraday low of $ 60,735.0 by mid-afternoon.

Away from the Mayor’s first level of support at $ 60,388, however, Bitcoin revisited the $ 61,300 levels before slacking off.

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 of $ 27,237 to form a short-term downtrend.

The rest of the pack

In the rest of the majors, Friday was a mixed day.

Crypto.com coin jumped 33.85% to lead the way, with Binance Coin (+ 8.66%) and Chain link (+ 5.91%) also finding strong support.

Bitcoin Cash SV rose a more modest 0.53% on the day.

It was, however, a bearish day for the rest of the majors.

Polkadot and Ripple’s XRP led the way with losses of 3.14% and 3.50% respectively.

The Cardano ADA (-0.06%), Ethereum (-1.27%), and Litecoin (-1.80%) also joined Bitcoin in the red.

During the current week, the total crypto market has fallen to a low of $ 2.527 billion on Monday before hitting a high of $ 2.804 billion on Wednesday. At the time of writing, the total market cap was $ 2.698 billion.

Bitcoin’s dominance peaked at 44.39% on Monday before falling to a low of 42.53% on Friday. At the time of writing this article, Bitcoin’s dominance stands at 42.85%.

This morning

As of this writing, Bitcoin was up 0.43% to $ 61,266.0. A mixed start to the day saw Bitcoin drop to an early morning low of $ 60,844.0 before climbing to $ 61,299.0.

Bitcoin left 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%) held up to the initial trend.

It was a bullish start for the rest of the majors, however.

At the time of writing, Ripple’s XRP was up 0.73% to lead the way.

For Bitcoin Day Ahead

Bitcoin is expected to break through the pivot of $ 61,447 to bring into play the first major resistance level at $ 62,158.

Broad market support would be needed for Bitcoin to return to levels of $ 62,000.

Barring a full scale crypto rally, the first major resistance level and Friday’s $ 62,600.0 high would likely cap the upside.

In the event of a prolonged rally, Bitcoin could test resistance at $ 65,000 before any pullback. The second major resistance level is located at $ 63,312.

Failure to cross the pivot of $ 61,447 would bring into play the first major support level at $ 60,293.

Unless there is an extended sale on that day, Bitcoin should avoid levels below $ 60,000, however. The second major support level is at $ 59,582.

This item was originally posted on FX Empire

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