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The Crypto Daily – Movers and Shakers – November 1st, 2021

By:
Bob Mason
Updated: Nov 1, 2021, 01:19 UTC

After a mixed day for the majors on Sunday, a Bitcoin move back through to $62,500 levels would support the broader market.

Golden bitcoins on the black background closeup. Cryptocurrency virtual money

In this article:

Bitcoin, BTC to USD, fell by 0.89% on Sunday. Following a 0.62% loss on Saturday, Bitcoin ended the week up by 0.79% to $61,330.0.

A bullish start saw Bitcoin rise to an early morning intraday high $62,415.0 before hitting reverse.

Falling short of the first major resistance level at $62,570, Bitcoin slid to an early afternoon intraday low $60,005.0.

Bitcoin fell through the first major support level at $60,972 and the second major support level at $60,065.

Steering clear of sub-$60,000, however, Bitcoin broke back through the major support levels to end the day at $61,000 levels.

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 Sunday.

Binance Coin  (-0.67%), Crypto.com Coin (-3.73%), and Ethereum (-0.82%) joined Bitcoin in the red to buck the broader market trend.

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

Ripple’s XRP rose by 2.75% to lead the way.

Bitcoin Cash SV (+0.82%), Cardano’s ADA (+0.50%), Chainlink (+0.76%), Litecoin (+0.88%), and Polkadot (+0.98%) saw modest gains, however.

In the week, the crypto total market fell to a Thursday low $2,385bn before rising to a Sunday high $2,708bn. At the time of writing, the total market cap stood at $2,635bn.

Bitcoin’s dominance rose to a Wednesday high 45.81% before falling to a Sunday low 43.50%. At the time of writing, Bitcoin’s dominance stood at 44.10%.

This Morning

At the time of writing, Bitcoin was up by 0.46% to $61,613.9. A mixed start to the day saw Bitcoin fall to an early morning low $61,131.0 before rising to a high $61,624.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a bullish start to the day.

At the time of writing, Bitcoin Cash SV was up by 1.99% to lead the way.

BTCUSD 011121 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $61,250 pivot to bring the first major resistance level at $62,495 into play.

Support from the broader market would be needed for Bitcoin to break out from Sunday’s high $62,415.0.

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 $65,000 levels before any pullback. The second major resistance level sits at $63,660.

A fall back through the $61,250 pivot would bring the first major support level at $60,085 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$59,000 levels, however. The second major support level sits at $58,840.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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