The Crypto Daily – Movers and Shakers – November 4th, 2021
Bitcoin, BTC to USD, fell by 0.55% on Wednesday. Partially reversing a 3.82% rally from Tuesday, Bitcoin ended the day at $62,900.0.
A bullish start to the day saw Bitcoin rise to an early morning intraday high $63,565.0 before hitting reverse.
Falling short of the first major resistance level at $64,806, Bitcoin slid to a late afternoon intraday low $60,175.0.
Bitcoin fell through the first mayor support level at $61,176 before briefly revisiting $63,300 levels.
A late pullback, however, saw Bitcoin fall back to sub-$63,200 levels and into the red.
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 Wednesday.
Chainlink fell by 0.90% to join Bitcoin in the red.
It was a bullish day for the rest of the majors, however.
Ripple’s XRP rallied by 6.61% to lead the way, with Cardano’s ADA (+4.65%) and Polkadot (+3.77%) also finding strong support.
Binance Coin (+2.52%), Bitcoin Cash SV (+1.43%), Crypto.com Coin (+2.47%), Ethereum (+0.26%), and Litecoin (+3.10%) railed the front runners, however.
In the current week, the crypto total market fell to a Monday low $2,527bn before rising to a Wednesday high $2,801bn. At the time of writing, the total market cap stood at $2,744bn.
Bitcoin’s dominance rose to a Monday high 44.39% before falling to a Wednesday low 42.77%. At the time of writing, Bitcoin’s dominance stood at 43.35%.
This Morning
At the time of writing, Bitcoin was up by 0.18% to $63,015.0. A mixed start to the day saw Bitcoin fall to an early morning low $62,825.0 before rising to a high $63,067.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin was up by 6.35% to lead the way, with Cardano’s ADA (+1.16%) and Ripple’s XRP (+0.72%) also avoiding the red.
It was a bearish start for the rest of the majors, however.
At the time of writing, Polkadot was down by 1.53% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $62,213 pivot to bring the first major resistance level at $64,252 into play.
Support from the broader market would be needed for Bitcoin to break out from $63,500 levels.
Barring a broad-based crypto rally, the first major resistance level would likely cap the upside.
In the event of an extended rally, Bitcoin could test resistance at $68,000 levels before any pullback. The second major resistance level sits at $65,603.
A fall through the $62,213 pivot would bring the first major support level at $60,862 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 $58,823.
This article was originally posted on FX Empire
